Oil Prices Soar as Middle East Violence Flares Ahead of Fed Decision

Global oil prices surged by nearly 6% to $87.01 per barrel on Wednesday, driven by renewed fighting in the war between Iran and the US.

The increase comes as tensions escalate between the two nations, with Iran launching a barrage of missiles at American forces in the Middle East.

Meanwhile, Wall Street experienced mixed results ahead of the Federal Reserve's decision on interest rates. The S&P 500 sank 0.7%, while the Dow Jones Industrial Average fell by over 760 points (1.4%), and the Nasdaq composite dropped 1%.

The Federal Reserve is expected to raise its main interest rate for the first time in three years, with a roughly 36% probability of this happening, according to data from CME Group.