Oil Prices Soar Amid Middle East Violence, Markets Wait for Fed Decision

Global markets were mixed as investors waited for the Federal Reserve's decision on interest rates later in the day. Oil prices jumped more than 4% after a brief pause in fighting between Iran and the US was shattered, with Brent crude rising to $85.79 per barrel and U.S. crude to $83.04.

The escalation of violence in the Middle East has contributed to higher oil prices since late February, leading to increased inflation and pressure on the Fed to adjust interest rates. However, 76% of Wall Street traders expect a rate hike in September, according to the CME FedWatch tool.

Some stocks responded positively to the rising oil prices, including Generac shares, which jumped 4.3% after the company reported strong earnings and increased production capacity. In contrast, Procter & Gamble shares fell over 3% due to flat organic sales in the fourth quarter.