Oil Prices Soar Amid Fed Uncertainty, Dragging Wall Street Lower

Oil prices jumped on Wednesday, rising 7.3% to $88.09 per barrel after fighting resumed in the war with Iran and raised concerns about global oil flows.

The Dow Jones Industrial Average dropped 1,153 points, or 2.2%, while the S&P 500 fell 1.5% as sinking technology stocks dragged Wall Street lower amid uncertainty over the Federal Reserve's next move to combat high inflation.

Despite a roughly 34% probability that the Fed would raise its main interest rate, officials voted to keep the federal funds rate steady, with three members of the policymaking committee wanting to raise rates instead.

Treasury yields swiveled up and down following the Fed's decision, with the 10-year Treasury yield jumping to 4.68% from 4.61% late Tuesday, its highest level in nearly a year.