Oil Prices Soar on Escalating Iran Conflict, Stocks Mixed After Fed Decision

Oil prices jumped 7.3% to settle above $88 per barrel after fighting resumed in the war between Iran and the US, raising worries about the global flow of oil.

The price surge came as Brent crude had previously swung wildly due to uncertainty over whether the US and Iran could reach a deal to allow oil tankers to move freely from the Middle East to customers worldwide.

In contrast, the US stock market experienced mixed results following the Federal Reserve's decision not to raise interest rates. The Dow Jones Industrial Average fell 2.2%, while the Nasdaq composite lost 1.7%.

However, some stocks bucked the trend, with Apple rising 0.6% as analysts consider it an 'anti-AI' bet among Big Tech stocks due to its limited spending on artificial intelligence technology.