Oil Prices Soar on US-Iran Conflict, Dragging Tech Stocks Down

Oil prices surged on Wednesday as fighting escalated between the US and Iran, causing concerns about global oil supplies. The price of Brent crude jumped 6% to $87.01 per barrel.

The increase in oil prices has raised worries that inflation may reaccelerate, just when it had begun to slow more than expected. This uncertainty is making traders cautious ahead of the Federal Reserve's interest rate decision later in the day.

The S&P 500 sank 0.7%, with technology stocks leading the decline. Nvidia, Advanced Micro Devices, and Micron Technology were among the biggest losers, falling 2.6%, 4.4%, and 3.7% respectively.