Commodities
Oil Prices Soar 6.7% Amid US-Iran Conflict
Oil prices surged by 6.7% to $87.60 per barrel on Wednesday, as fighting resumed between the US and Iran, raising concerns about global oil supply.
The S&P 500 fell 0.9%, with technology stocks leading the decline. The Dow Jones Industrial Average dropped 825 points, or 1.6%, and the Nasdaq composite was down 1.2% as of 11:45 a.m. Eastern time.
Traders are uncertain about what the Federal Reserve will announce after its two-day meeting on interest rates concludes later in the day. The market is betting on a roughly 36% probability that the Fed will raise its main interest rate, which would be the first increase in three years.