Middle East Violence Sends Oil Prices Soaring Ahead of Fed Decision

Oil prices surged on Wednesday as tensions rose in the Middle East, with Brent crude jumping 5.6% to $86.64 per barrel after Iran launched a barrage of missiles at American forces.

The move has raised concerns about global oil supplies and potential inflationary pressures, which could impact the Federal Reserve's decision on interest rates later today.

Traders are betting on a 36% probability that the Fed will raise its main interest rate for the first time in three years, but higher rates can slow down the economy and hurt stocks.

In the stock market, the S&P 500 slipped 0.1%, while the Dow Jones Industrial Average fell 458 points, or 0.9% as of 9:35 a.m. Eastern time.