Stagflation Looms as Oil Prices Surge Amid Ongoing Conflict

The ongoing conflict in the Middle East has led to rising oil prices and record-high diesel costs for U.S. consumers, with prices averaging $5.85 per gallon nationwide.

The Iran-U.S. tensions have been ongoing for 192 days, with Energy Secretary Chris Wright suggesting that if Iran attempts to rebuild its nuclear capabilities, the U.S. may destroy them again.

The Trump administration has turned its attention to the Russia-Ukraine conflict, with peace envoys Jared Kushner and Steve Witkoff traveling to Moscow and Kyiv in an effort to end the conflict. However, no immediate breakthrough was seen.

The U.S. Federal Reserve is under pressure from the administration not to raise interest rates, with President Trump threatening to halt trade with countries that run trade surpluses with the U.S. unless the Fed cuts interest rates.