Global shares held their gains on Wednesday after the Federal Reserve kept interest rates unchanged, while oil prices rose on renewed concern about Middle East supply. Brent futures added 1 percent to settle at $115.32 a barrel, and US crude rose 3 percent to settle at $102.78 — settlement prices, not intraday quotes. US gold futures for December delivery settled 0.6 percent lower at $4,051.60 an ounce, while spot gold was up 0.27 percent at $4,070.28. The steadiness in equities after the Fed decision suggested investors had largely priced in the hold, even with inflation still elevated.

Election result and refinery claim in background

Two regional developments framed the session. Election results in Israel showed Prime Minister Benjamin Netanyahu's right-wing bloc performing more strongly than expected but still falling short of a parliamentary majority. In commodities, oil rose after an attack claim on a refinery in Saudi Arabia renewed concern about risks to supply — the claim itself remains unconfirmed by Saudi authorities. In Europe, the FTSE 100 closed 0.07 percent higher at 10,694.50, while US markets finished higher, with the Dow up 0.19 percent to 52,475.1, the S&P 500 up 0.28 percent to 7,743.98 and the Nasdaq up 0.27 percent to 26,549.85.

What traders watch next

Attention now turns to what the Fed signals about December, to whether the Middle East claims escalate into confirmed supply disruption, and to a scheduled meeting of seven OPEC+ producers on Sunday to review market conditions and production policy. None of those will settle whether oil stays elevated on risk alone, or whether confirmed disruption or easing tensions moves it decisively. For now, the close leaves equities steady, oil higher and gold caught between its roles as an inflation hedge and an asset that pays no interest.

Sources: Reuters, Armstrong Economics.