Fed Holds Steady, Oil Prices Plunge, Middle East Tensions Rise

1. Fed officials (Harker & Hammack) indicated that interest rates will likely remain unchanged for an extended period, signaling a cautious policy stance.
2. Brent and WTI crude oil prices plunged sharply by around $5 per barrel, putting significant pressure on energy sector stocks.
3. Geopolitical tensions are escalating as Iran implements new rules for passage through the Strait of Hormuz and the U.S. imposes new sanctions on an Iraqi oil official.