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Live Updates: Iran war escalates, energy prices spike after Israeli strike on South Pars gas field CBS NewsNetanyahu says Israel ‘acted alone' in Iran energy strike, will heed Trump's call not to repeat attack CNNTrump's Complaint About Israeli Strike on Gas Field Exposes Divergent Strategies The New York TimesLive updates: Energy prices soar after Trump threatens Iran gas field; F-35 hit by 'suspected enemy fire' NBC News
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As China and other major suppliers of refined oil in the region restrict exports, import-dependent countries are desperate to secure fuel supplies.
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Rising energy costs and concerns about inflation have helped lift borrowing costs for a home mortgage for the third consecutive week.
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Jerome H. Powell, the chair of the Federal Reserve, emphasized the high degree of uncertainty stemming from the conflict as he acknowledged the potential for surging energy prices to lift inflation and dent growth.
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The central bank's so-called dot plot showed a median estimate of 3.4% for the federal funds rate, the same as at the end of last year.
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Most officials at the U.S. central bank still expect at least one quarter-point cut to interest rates this year.
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