Crude surges 7% as Trump vows strikes on Iran and stocks slide ahead of the Fed's decision, with earnings crushing Parsons, Lennox, Watsco and Vertiv.

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 Dow fell ~800 points on July 29, 2026, as Trump's Iran strike threat spiked oil prices ahead of a critical Federal Reserve policy decision.