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Fed Holds Rates Steady Amid Rising Oil Prices

3/19/2026

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Summary

Story summary

The U.S. Federal Reserve kept the policy rate at 3.5%–3.75% amid rising oil prices.
Brent crude neared $108 per barrel.
Fed Chair Jerome Powell warned the energy shock could worsen inflation expectations due to the Iran conflict.
Other central banks, including Canada and Australia, are adjusting policy.
Analysts expect the Fed to revise growth and inflation forecasts downward.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, causing oil prices to surge from $3 to nearly $12 per barrel. This event triggered global inflation and economic turmoil, a legacy that resonates today as rising Brent crude prices near $108 per barrel challenge policymakers like Federal Reserve Chair Jerome Powell.

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Story summary

The U.S. Federal Reserve kept the policy rate at 3.5%–3.75% amid rising oil prices.
Brent crude neared $108 per barrel.
Fed Chair Jerome Powell warned the energy shock could worsen inflation expectations due to the Iran conflict.
Other central banks, including Canada and Australia, are adjusting policy.
Analysts expect the Fed to revise growth and inflation forecasts downward.

1 / 2