Oil Prices Soar Amid Middle East Tensions as Wall Street Waits for Fed Decision

Oil prices are on the rise again after violence flared in the Middle East. The S&P 500 index fell by nearly 1% as technology stocks dragged down Wall Street ahead of a key decision from the Federal Reserve on interest rates.

The Dow Jones Industrial Average dropped 825 points, or about 1.6%, to around 11:45 am Eastern time. Meanwhile, the Nasdaq composite was also lower by roughly 1.2%.

The Fed's decision on interest rates is set to be announced later in the day and will likely have a significant impact on financial markets. The current uncertainty surrounding oil prices has already caused investors to become more cautious, with many opting to sell off their shares in anticipation of further market volatility.