US Markets Mixed as Oil Prices Soar on Iran Conflict

US markets were mixed ahead of the Federal Reserve's interest rate decision on Wednesday. Oil prices surged more than 4% after Jordan and the US knocked down an Iranian missile barrage launched against American forces in the Middle East.

The S&P 500 futures gained 0.2%, while Dow Jones Industrial Average futures lost 0.3%. Nasdaq futures rose 0.3%. Brent crude, the international standard, jumped $3.71 to $85.79 a barrel, and benchmark US crude gained $3.78 to $83.04 a barrel.

The Fed's decision on interest rates was expected to have little impact, with inflation still above its 2% target and unemployment at 4.2%. However, 76% of Wall Street traders foresee a rate hike in September, according to the CME FedWatch tool.