Oil prices jump following fighting with Iran, Wall Street swings after the Fed holds rates steady

NEW YORK (AP) — Oil prices got back to jumping on Wednesday, while the U.S. stock market flipped between losses and small gains after the Federal Reserve opted not to raise interest rates. The action was stronger in the oil market, where the price of Brent crude leaped 7.3% to settle at $88.09 per barrel after fighting resumed in the war with Iran and raised worries about the global flow of oil. The skepticism has hit South Korea’s stock market in particular because it’s dominated by two tech giants, Samsung Electronics and SK Hynix. Analysts say it’s almost become an “anti-AI” bet among Big Tech stocks because of its more limited spending on the technology versus rivals. In the bond market, Treasury yields swiveled up and down following the Fed’s decision and Warsh’s insistence on not guiding the market.