Some policymakers suggested it was too soon to say how a broadening conflict in the Middle East would impact the U.S. economy.

Oil prices jumped Tuesday for the second straight day and gas prices moved higher in the United States, underscoring the threat of rising inflation posed by the Iran war.

Higher oil prices could impact consumers and businesses, potentially stoking a fresh bout of inflation if energy costs remain elevated.

Explore the effects of cost-push and demand-pull inflation on supply, demand, and prices. Learn the causes and key differences to better understand economic impacts.

Beth M. Hammack, head of the Federal Reserve Bank of Cleveland, says it is too early to gauge the economic impact of the Iran war and backs holding interest rates steady for “quite some time.”

Global oil markets have reacted swiftly to escalating tensions in the Middle East as the United States and Israel continue their assault on Iran. After oil tanker traffic through a key chokepoint, the Strait of Hormuz,

The United States announced new, higher tariff rates this year. Tariffs can affect supply chains, investment, and firms’ input costs, resulting in supply-side effects such as higher inflation and higher unemployment. However, tariffs can also affect ...

For months, the region has been encouraged by low inflation and better-than-expected economic growth. A disruption to energy supplies from the Middle East could knock it off course.