Middle East Tensions Drive Oil Prices Higher

Oil prices surged on Wednesday after fighting escalated in the Middle East, while US stocks drifted lower ahead of the Federal Reserve's decision on interest rates.

The price of Brent crude leaped 6.7% to $87.55 per barrel following renewed hostilities between Iran and American forces in the region.

The increase in oil prices has raised concerns about inflation, which had begun to slow more than expected.

This uncertainty has traders uncertain about what the Federal Reserve will announce after its two-day meeting on interest rates concludes later in the day.