Oil Prices Soar as Iran Conflict Escalates

Oil prices surged on Wednesday, jumping 7.3% to $88.09 per barrel after fighting resumed between Iran and the US, raising concerns about global oil supply.

The increase in oil prices was driven by fears of a disruption to Middle Eastern oil exports following the launch of Iranian missiles at American forces.

In contrast, stocks on Wall Street were mixed, with the S&P 500 slipping 0.1% after briefly erasing an earlier drop of 1.2%, while the Dow Jones Industrial Average fell 688 points or 1.3%

The Fed's decision to keep interest rates steady was seen as a factor in the market's mixed performance, with some investors expecting higher rates to slow inflation and others concerned about the impact on stocks.