U.S. stock index futures edged higher on Wednesday ahead of the Federal Reserve's monetary policy decision, while the Israel-Iran conflict entered its sixth day, with new missile strikes launched from both sides.

The headline event for the day will likely arrive at 2 p.m. Eastern, when the Federal Reserve is set to announce its latest move on interest rates. The nearly unanimous expectation is that it will hold rates steady, as it’s been doing for all of this year after cutting through the end of 2024.

Iran and Israel's air war, which began on Friday when Israel attacked Iran's nuclear facilities, has raised concerns that the conflict could create bottlenecks for oil exports from the oil-rich Middle East.