Oil Prices Soar as Fed Holds Rates Steady Amid Global Tensions

The price of Brent crude oil surged 7.3% to $88.09 per barrel following renewed fighting between Iran and the US, sparking concerns about global oil supplies.

Meanwhile, the S&P 500 slipped 0.1%, and the Dow Jones Industrial Average fell 688 points, or 1.3%, after the Federal Reserve decided not to raise interest rates despite some members wanting to do so.

The Fed's decision was seen as a response to inflation concerns, with Chairman Kevin Warsh suggesting that the bond market may already be doing some of the work to restrain prices.

Warsh emphasized that there was no explicit change in policy, but hinted at future actions. This sent mixed signals to investors, leading to a day of fluctuations on Wall Street and in the oil markets.