Oil Prices Soar Amid Fed Decision to Hold Rates Steady

Oil prices surged on Wednesday after Iran launched a barrage of missiles at American forces in the Middle East, raising concerns about global oil flow. The price of Brent crude jumped 7.1% to $87.87 per barrel.

The move came as the US stock market trimmed its losses after the Federal Reserve decided not to raise interest rates to combat inflation. The S&P 500 fell 0.3%, while the Dow Jones Industrial Average dropped 640 points, or 1.2%, and the Nasdaq composite was 0.1% lower.

Despite the Fed's decision, traders still expect higher rates to slow down the economy and reduce inflation. However, some analysts believe that exceptional growth in tech stocks, particularly those related to artificial-intelligence technology, may not be sustainable if AI doesn't produce expected profit and productivity.