30.04.2026 03:01
Federal Reserve Chairman Jerome Powell appeared before cameras after the meeting where they kept the policy rate unchanged at 3.50-3.75 percent. Speaking about Brent oil prices, which reached the $120 level after US President Trump announced they would extend the blockade in the Strait of Hormuz, Powell said, 'The increase in energy prices has not yet peaked.'
The U.S. Federal Reserve (Fed) kept its policy rate unchanged within the 3.50-3.75% range, as expected. Fed Chair Jerome Powell, speaking to the cameras after the meeting, highlighted the uncertainty in global markets and signaled that the tight stance would be maintained. This decision was seen as part of the bank's strategy to combat inflation and maintain economic balance.
POWELL'S STATEMENT ON BRENT OIL
Referring to the volatility in energy markets, Powell assessed Brent crude oil surpassing $120, stating, "The rise in energy prices has not yet peaked." Powell emphasized that tensions in the Strait of Hormuz threaten supply security and noted that this increase in energy costs keeps upward risks to inflation alive.
BRENT OIL APPROACHES $120
Brent crude oil futures, which closed the previous day at $104.4, rose 7% to $118 per barrel.
The price increase was influenced by news that U.S. President Donald Trump instructed his advisors to prepare for a longer-term naval blockade of Iranian ports.
TRUMP'S "BLOCKADE" ORDER
According to a report by the Wall Street Journal (WSJ) citing U.S. officials, Trump decided to maintain pressure targeting Iran's oil revenues and economic resources to force the Iranian government to step back from its nuclear program.
Officials stated that Trump instructed his advisors to prepare for a long-term blockade of Iran, aiming to compel Tehran to accept nuclear concessions it has long rejected.
Officials indicated that Trump finds options like resuming airstrikes or withdrawing from the conflict more risky compared to maintaining the current blockade, and noted that Trump, in recent discussions, preferred to restrict maritime traffic to Iranian ports to curb oil exports.