Commodities
Oil Prices Soar Amid Middle East Tensions, US Stocks Fluctuate
Oil prices surged 7.3% to $88.09 per barrel after fighting resumed in the war with Iran, raising concerns about global oil supply.
The US stock market drifted lower, with the S&P 500 falling 1.5%, and the Dow Jones Industrial Average dropping 2.2%
The Federal Reserve kept interest rates steady, but three policymakers voted to raise them. Fed Chairman Kevin Warsh emphasized his commitment to returning inflation to 2%.
Higher interest rates can curb inflation, but also slow economic growth and undercut stock prices.