The Federal Reserve held interest rates steady as the U.S.-Israeli war with Iran disrupts the global economy and sends oil prices soaring.

U.S. crude oil prices are up more than 40% since the war began, while the average retail price of unleaded gas has risen more than 75 cents. And for the first time since 2022, the diesel fuel that powers the ships, trucks and trains along America's domestic supply chain topped $5 a gallon.