Oil Prices Soar as Wall Street Crumbles Amid AI Stock Plunge

Oil prices surged by 7.3% to $88.09 per barrel after fighting resumed in the war with Iran and raised concerns about global oil flow.

The increase in oil prices led to a significant drop in Wall Street, with the Dow Jones Industrial Average falling 1,153 points or 2.2%, and the S&P 500 declining by 1.5% after trading sharply between gains and losses in the last hour of trading.

The Federal Reserve's decision to keep interest rates steady despite a 34% probability of a rate hike led to increased uncertainty about inflation, causing traders to adjust their expectations.