Oil Prices Soar Amid Escalating Middle East Tensions

Oil prices surged on Wednesday after Jordan and the US knocked down an Iranian missile barrage launched against American forces in the Middle East. Brent crude jumped $3.71 to $85.79 a barrel, while benchmark U.S. crude gained $3.78 to $83.04 a barrel.

The rebound came as fighting resumed in the region after a brief pause following weeks of escalation over the strategic Strait of Hormuz, the Persian Gulf waterway and narrow chokepoint through which 20% of the world's traded oil normally flows.

Meanwhile, US stocks slipped ahead of the Federal Reserve's decision on interest rates. The S&P 500 fell 0.2%, while the Dow Jones Industrial Average lost 434 points.