The reopening of the Strait of Hormuz on Friday sent a wave of relief through oil markets, knocking crude prices down to their lowest levels since the early days of the U.S.-Iran conflict.
Federal Reserve governor Chris Waller said the surge in oil prices tied to the Iran war and lingering effects from U.S. tariffs could "lead to a more lasting increase in inflation," potentially forcing the central bank to eschew further interest-rate cuts.
Live Updates: Trump says U.S. will continue blockade after Iran says Strait of Hormuz "completely open" CBS NewsOil prices plunge after Iran says Strait of Hormuz open for commercial shipping traffic Fox BusinessIran declares Strait of Hormuz open to shipping but Trump says U.S. blockade still active CNBC
