Lauren Aratani

US stock markets declined as continued US strikes on Iran and comments by Donald Trump at a Nato summit pushed oil prices sharply higher. Brent crude rose more than 5% while the Dow fell about 1.09%, the S&P 500 slipped slightly, and the Nasdaq gained marginally. Global markets also dropped. The IMF reduced its global growth forecast, citing Middle East conflict and increased AI-related spending. US fuel prices rose, with gas averaging $3.79 per gallon and diesel futures increasing following a Russian export ban. US inflation reached 4.2%, and Federal Reserve minutes indicated little support for near-term rate cuts, with some officials suggesting rates may need to rise further, posing challenges for Fed chair Kevin Warsh amid Trump’s pressure to lower rates.