Oil Risks Return as Gas Prices Stay Stubbornly High

Renewed hostilities between the U.S. and Iran are putting energy markets back in focus, with oil prices rising again and gas prices remaining higher than many drivers expected.Chuck Zodda and Marc Fandetti break down why renewed tensions around the Strait of Hormuz could pressure oil prices, why gas prices have not fallen as quickly as crude oil, and how refinery capacity and crack spreads help explain what consumers are paying at the pump. They also discuss what the latest Fed meeting minutes reveal about Kevin Warsh’s inflation fight, how changes to the PCE price index could affect the Fed’s inflation target, and why a shrinking labor force may create longer-term challenges for wages, inflation, and economic growth.