Iran Fighting Sends Oil Prices Soaring Amid Rate Uncertainty

Oil prices surged 7.3% on Wednesday, settling at $88.09 per barrel, as fighting in Iran raised concerns about global oil supplies.

The S&P 500 fell 1.5%, with the Dow Jones Industrial Average dropping 2.2% and the Nasdaq composite plummeting 9.8% below its record set last month.

Meanwhile, technology stocks struggled due to rising interest rates, particularly in South Korea's stock market, which tumbled 6% after Seoul's Kospi index plunged 10.8% a day earlier.