Middle East Tensions Send Oil Prices Soaring

Oil prices surged on Wednesday after fighting resumed in the Middle East, raising concerns about global oil supplies. Brent crude jumped 5.6% to $86.64 per barrel.

The price of Brent oil had swung from as low as $72 earlier this month to as high as $102 last week due to uncertainty over a potential deal between the US and Iran allowing oil tankers to move freely again from the Middle East to customers worldwide.

Higher oil prices have raised worries about inflation reaccelerating, which could impact interest rates. The Federal Reserve is set to announce its decision on interest rates later in the day.