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Most Federal Reserve officials believe that, given inflation remains high and the labor market appears to be stabilizing, there is no urgent reason to rush further interest rate cuts. The largest oil price increase in four years, triggered by renewed conflict in the Middle East, will only further reinforce their cautious stance. Some policymakers have expressed doubts about the arguments behind Waller's vision for rate cuts—centered on a technological revolution bringing low inflation and economic prosperity—as well as his commitment to shrinking the Federal Reserve's balance sheet. Currently, the Senate has not scheduled a hearing regarding Waller's nomination qualifications. Related articles: Waller faces numerous challenges before taking office, with colleagues questioning whether surging oil prices will make it difficult for him to fulfill Trump's dream of rate cuts.

Mizuho stated that due to heightened tensions in the Middle East, rising oil prices, and diminished expectations for Federal Reserve rate cuts, Circle's stock price rose by about 20% this week. Previously, U.S. airstrikes against Iran had driven oil prices to surge, potentially exacerbating inflation and increasing Circle's reserve income. Mizuho raised Circle's target stock price from $90 to $100, while maintaining a neutral rating on the stock.

LME aluminum futures closed up by $56, at $3,251/ton. LME zinc futures closed down by $48, at $3,270/ton. LME lead futures closed down by $26, at $1,936/ton. LME nickel futures closed down by $40, at $17,120/ton. LME tin futures closed down by $4,842, a decline of nearly 9.02%, at $48,843/ton, with a cumulative drop of 15.39% over the past two trading days. LME cobalt futures remained flat, at $56,290/ton.