Oil prices are back to jumping on Wednesday, while sinking technology stocks are dragging Wall Street lower ahead of a Federal Reserve decision on what to do with interest rates. The S&P 500 fell 0.9%. The Dow Jones Industrial Average was down 825 points, or 1.6%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1.2% lower. The action was even stronger in the oil market, where the price of Brent crude leaped 6.7% to $87.60 per barrel after fighting resumed in the war with Iran and raised worries about the global flow of oil. Iran launched a barrage of missiles at American forces in the Middle East, while the U.S. military partnered with Saudi Arabia to strike Tehran-backed militias in Iraq. Brent oil’s price had swung as low as $72 early this month and as high as $102 last week on uncertainty about whether the United States and Iran could reach a deal to allow oil tankers to move freely again from the Middle East to customers worldwide.

Full report : Oil prices jump following fighting with Iran, while sinking AI stocks drag Wall Street lower.