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Fed’s Waller says high oil prices from Middle East tensions could push inflation higher. Investors face market uncertainty as energy spikes and tech stocks show uneven movement. Bitcoin holds near $70K while crypto market value hits $2.42T amid economic pressures. US Federal Reserve Governor Christopher Waller warned Friday that escalating Middle East tensions could drive inflation higher, but he sees no immediate need to raise interest rates. The closure of the Strait of Hormuz, following the US-Israel war on Iran, is already sending oil prices soaring, creating broader economic uncertainty. Waller emphasized that sustained high energy costs could ripple through consumer prices. Since last year, Waller has supported interest rate cuts to boost employment. However, he recently shifted his focus due to inflation risks tied to prolonged geopolitical instability. “Since that time the Strait of Hormuz was closed, this is looking like it’s going to be a much more protracted conflict, and oil prices are going to stay high for a longer time,” he told CNBC. As a result, he now prioritizes monitoring inflation while maintaining current rates. Inflation Concerns Amid Global Conflict Waller warned that high oil prices touch many products and could push overall inflation higher. He also noted uncertainty about how long the war might last and its wider economic effects. “If it’s a very high level, and it stays high for months on end, then at some point it bleeds through,” he said. Besides inflation, Waller is still focused on job growth when deciding on policy. Related: Crypto Layoffs Deepen as Gemini Cuts 30% and Crypto.com Adopts AI The US-Israel conflict, which began on February 28, has led Iran to block the Strait of Hormuz, cutting off about a fifth of the world’s oil and gas supply. As a result, Brent crude jumped from $70 to…

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Filed under: News - @ March 21, 2026 11:21 am