Spotlight on Israel-Iran conflict, Fed rate decision, oil prices

Israel's Prime Minister Benjamin Netanyahu vowed to continue to strike hard at Iran and said the goal of the Israeli operation is two fold - to foil Iran's nuclear ambitions and to stop its ballistic missiles programme. Due to the conflict, oil prices rallied on worries about the crude supply. The price of a barrel of benchmark US crude soared 7.3% to $72.98. Brent crude, the international standard, rose 7% to $74.23 for a barrel. Iran is one of the world’s major producers of oil. If a war becomes wider, it could slow the flow of Iranian oil and keep the price of crude and gasoline higher across the world.