Oil Prices Soar as Fed Decision Looms

The US stock market was mixed on Wednesday ahead of the Federal Reserve's decision on interest rates. The S&P 500 fell 0.2%, while the Dow Jones Industrial Average dropped 434 points.

Oil prices surged, however, as fighting resumed in the Middle East. Brent crude jumped 5.6% to over $86 per barrel, and US crude rose 4.7% to $83.04 a barrel.

The Federal Reserve is expected to keep interest rates steady at its meeting later on Wednesday, but traders are anticipating a rate hike in September. Higher interest rates can hurt stock prices, but the Fed is growing impatient with inflation, which has been above target for five years.