Federal Reserve official Mary Daly has warned that the recent oil price shock linked to the Iran conflict could delay progress in bringing inflation back to target.

Jerome Powell signaled a cautious stance on monetary policy on Monday, stressing that the U.S. central bank is well positioned to “wait and see” how rising oil prices linked to the Middle East conflict will impact inflation and the broader economy.

The US dollar edged higher on Wednesday as investors scaled back expectations for interest rate cuts.

U.S. stock futures fell Tuesday as oil prices near $100 a barrel amid the Middle East conflict, raising inflation concerns ahead of the Federal Reserve’s two-day meeting.

Japan began releasing oil from its reserves on Monday in an effort to ease supply concerns triggered by the escalating U.S.-Israel conflict with Iran and to stabilize the domestic petroleum market.

The International Energy Agency has agreed to release 400 million barrels of oil from its members’ strategic reserves in an effort to ease soaring global energy prices during the conflict involving the United States and Israel with Iran.

The state-owned Iraqi Midland Oil Company has announced a significant discovery of large oil reserves in the East Baghdad oil field.

The U.S. has acquired 6 million barrels of oil for the Strategic Petroleum Reserve, with deliveries scheduled through May 2025, as announced by the Department of Energy.