Iran Tensions Spike Oil, US Imposes New Tariffs, Fed Stays The Course

1. Iran's threat to close the Strait of Hormuz long-term has triggered a surge in WTI crude oil prices to $111.54 per barrel, the largest daily gain since 2020.
2. The United States announced significant new tariff policies, including a 100% tariff on patented drug imports and adjustments to tariffs on steel, aluminum, and copper derivative products.
3. Fed official Williams reiterated the importance of the 2% inflation target, stating that current monetary policy is "well positioned" to manage rising economic risks, including the impact of higher energy prices.