Oil Prices Soar as Iran Conflict Escalates, Tech Stocks Tumble

Oil prices surged on Wednesday after fighting resumed in the war between the US and Iran, sparking concerns about the global flow of oil. The price of Brent crude jumped 7.3% to settle at $88.09 per barrel, a significant increase from its earlier swing as low as $72.

The uncertainty surrounding the conflict has led to volatility in the oil market, with prices swinging wildly between $72 and $102 over the past few weeks.

Meanwhile, on Wall Street, technology stocks continued their downward trend, dragged lower by the Federal Reserve's decision not to raise interest rates. The S&P 500 fell 1.5%, while the Dow Jones Industrial Average dropped 2.2%.

The Fed's chairman, Kevin Warsh, implied that the bond market may already be doing some of the work to restrain inflation, but also stuck to his plan of giving financial markets fewer clues about future interest rate decisions.