Key events5m agoIntroduction: Oil jumps after Iran attempts 'surprise attack'Introduction: Oil jumps after Iran attempts 'surprise attack'Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil is rising again this morning after the US military said it knocked down an Iranian missile barrage and worked with Saudi Arabia forces to strike sites in Iraq that Tehran-backed militias have used to launch attacks in recent days.In what Washington cast ⁠as “an attempted surprise ⁠attack” by Tehran, Iran had launched multiple ballistic missiles at US forces in the Middle East, ending a brief pause in fighting. Iran’s target was a US base in Jordan, according to Axios.The news has sent Brent crude, the international benchmark for oil prices, up 3.8% to $87.26 a barrel this morning.Meanwhile in Asia, the rout in chip stocks has continued overnight – the South Korean stock market, which relies heavily on the chip companies SK Hynix and Samsung Electronics, has lost a further 8.3% today. SK Hynix shares slumped 9% even after reporting a six-fold surge in its quarterly profit, while shares in Samsung (which is due to report its earnings tomorrow) dropped 6%.It follows another tough day of trading for US chip stocks, which dragged the Nasdaq down 1% yesterday. Sandisk fell 14%, while Western Digital and Micron fell 6.9% and 8.9% respectively. Advanced Micro Devices fell 8.1%.Higher oil prices and the continued sell-off in chip stocks creates an uncertain environment ahead of the Federal Reserve’s interest decision later today, Jim Reid from Deutsche Bank notes.