Fed Keeps Rates Steady, Oil Prices Soar Amid Iran Conflict

Oil prices surged on Wednesday after fighting resumed in the war with Iran, sending Brent crude to $88.09 per barrel.

The price of Brent oil had been volatile, swinging between $72 and $102 per barrel this month due to uncertainty about whether the US and Iran could reach a deal to allow oil tankers to move freely again from the Middle East to customers worldwide.

Meanwhile, Wall Street stocks sank after the Federal Reserve opted not to raise interest rates, with the S&P 500 falling 1.5% and the Dow Jones Industrial Average dropping 2.2%.