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Oil prices jump following fighting in the Middle East, while US stocks drift
['Aubrey Hale', 'Svi Staff', 'Wyoming News Exchange']
SVI-NEWS
The action was stronger in the oil market, where the price of Brent crude leaped 5.6% to $86.64 per barrel after fighting resumed in the war with Iran and raised worries about the global flow of oil.
That in turn has traders uncertain about what the Federal Reserve will announce after its two-day meeting on interest rates concludes later in the day.
Higher rates can keep a lid on inflation, but they can also slow the economy and undercut prices for stocks and other investments.
The skepticism hit South Korea’s stock market in particular because it’s dominated by two tech giants, Samsung Electronics and SK Hynix.
In the bond market, Treasury yields edged up as oil prices rose.