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Story summary
- Escalating tensions in the Middle East, particularly involving Iran, have driven volatility in equities and the cryptocurrency market.
- The Federal Reserve is reassessing policy due to rising energy prices.
- Federal Reserve Governor Christopher Waller indicated a potential shift toward rate hikes.
- A Federal Reserve Bank of Dallas report warns that closing the Hormuz Strait could push oil near $100 per barrel, and the Fed's October decision will be crucial.
