Oil Prices Soar Amid Iran Conflict, US Stocks Plummet After Fed Decision

Oil prices surged 7.3% to settle above $88 per barrel as fighting resumed in the war with Iran, raising concerns about global oil supplies and inflation.

The S&P 500 fell 1.5%, while the Dow Jones Industrial Average pulled back 2.2% and the Nasdaq composite lost 1.7%

The Federal Reserve opted not to raise interest rates despite high inflation, with Fed Chair Kevin Warsh implying that market yields may already be doing some of the work to restrain inflation.