Oil Prices Surge Amid Iran Tensions and Tech Stocks Tumble

Oil prices surged on Wednesday, driven by renewed fighting in Iran and concerns about global oil flows. The price of Brent crude leaped 7.3% to settle at $88.09 per barrel.

The Federal Reserve's decision not to raise interest rates may have contributed to the market volatility. Fed officials voted to keep the federal funds rate steady, with three members advocating for a rate hike. Chairman Kevin Warsh emphasized his commitment to getting inflation back down to 2% and hinted that the bond market may be doing some of the work.

The S&P 500 fell 1.5%, while the Dow Jones Industrial Average dropped 1,153 points or 2.2%. The Nasdaq composite slumped 1.7% to fall 9.8% below its record set last month. Tech stocks were particularly hard hit, with Nvidia losing 3.6% and KLA Corp. dropping 10.8% despite reporting strong profits.