Oil jumped more than 7% Wednesday as Trump threatened Iran and Houthis eyed Red Sea shipping fees, hours before the Fed’s rate decision.

The central bank isn't expected to move on rates Wednesday, but 76% of traders see a September hike as inflation stays above the 2% target.

Oil jumped more than 7% Wednesday as Trump threatened Iran and Houthis eyed Red Sea shipping fees, hours before the Fed’s rate decision.