Oil Prices Soar on Iran Tensions, Tech Stocks Drag Wall Street Lower

Oil prices surged on Wednesday following renewed fighting in Iran, while technology stocks weighed down Wall Street amid uncertainty over the Federal Reserve's future actions to combat inflation.

The S&P 500 index fell 1.5% after experiencing significant fluctuations throughout the trading day, with the Dow Jones Industrial Average dropping 2.2% and the Nasdaq composite plummeting 1.7%

Brent crude oil prices rose by 7.3% to settle at $88.09 per barrel as concerns over global oil supply increased.

Fed officials maintained their benchmark interest rate, but three members of the policymaking committee voted for a rate hike.

With no clear guidance from the Fed on future actions, market volatility is expected to rise amid ongoing uncertainty about inflation and economic growth.