Oil Prices Soar as Fed Keeps Rates Unchanged Amid Inflation Fears

The US stock market took a hit on Wednesday after the Federal Reserve decided to keep interest rates unchanged, despite concerns over high inflation. The decision sent major indices tumbling, with losses exceeding 1.5%.

Oil prices, however, surged nearly 8% to $90.74 per barrel, as tensions in the Middle East escalated following attacks on US bases in Jordan and strikes on militant bases in Iraq.

Analysts noted that the Fed's decision was met with skepticism by the bond market, which saw a significant increase in the yield of the 30-year US Treasury to 5.22%.