Oil Jumps 7% As Trump Threatens Iran Hours Before Fed Decision

Oil prices surged more than 7% on Wednesday as renewed U.S.-Iran hostilities and fresh threats to shipping through the Bab el-Mandeb pushed WTI above $84 and Brent toward $90, confronting the Federal Reserve with another inflation shock just hours before one of its most uncertain interest-rate decisions in years.

The rally accelerated after President Donald Trump vaguely told Fox News that the United States would “hit Iran hard” following an attack on a U.S. base in Jordan, while Iran-backed Houthis weighed imposing fees on commercial…