Oil Prices Soar on Middle East Conflict

Oil prices surged 6.7% to $87.60 per barrel as fighting resumed in the war between Iran and the US, raising concerns about global oil supply.

The increase has heightened worries that inflation will accelerate, just when it had begun to slow down more than expected.

This uncertainty has traders anxious about the Federal Reserve's decision on interest rates, with a 36% probability of a rate hike, according to CME Group data.

In response, US stocks fell, with the S&P 500 down 0.9%, the Dow Jones Industrial Average dropping 825 points (1.6%), and the Nasdaq composite losing 1.2%.