The Federal Reserve voted once again to hold interest rates steady on Wednesday, while appearing increasingly uncertain about timing for any cuts this year.

While the Fed is still indicating there will be one rate cut in 2026 and another in 2027, Chair Jerome Powell noted that higher energy prices due to the war in Iran are likely to increase inflation—though it remains “too soon” to know the conflict’s full economic fallout.

Powell added that inflationary pressure could ease as the impact of President Donald Trump’s tariffs on consumer prices fades. But he cautioned that if inflation remains unchanged, “then you won’t see a rate cut.”

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Global crude prices surged more than 6% early Thursday, reaching $116.13 per barrel, after Iran retaliated against an Israeli strike on its biggest gas field by attacking Qatar’s main energy hub, causing “extensive damage.” Meanwhile, Saudi Arabia’s defense ministry said it had intercepted a missile over the Red Sea port city of Yanbu, a potential sign that Iran could be expanding its attacks.

MORE: In a post on Truth Social, President Donald Trump claimed that the U.S. knew nothing about Israel’s attack on Iran, adding that Qatar was “in no way, shape, or form, involved with it.” The president also warned that if Iran were to continue its attacks, the U.S. is prepared to “blow up” the country’s South Pars gas field.

After months of new all-time highs, gold and silver prices hit a one-month low on Wednesday—bucking traditional wisdom that prices of precious metals spike in times of global conflict. Analysts from Sucden Financial noted that metals prices are trading “in........

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