Millions of iPhones at Risk from DarkSword Spyware Targeting Crypto

• Fed’s Waller says high oil prices from Middle East tensions could push inflation higher.
• Investors face market uncertainty as energy spikes and tech stocks show uneven movement.
• Bitcoin holds near $70K while crypto market value hits $2.42T amid economic pressures.

US Federal Reserve Governor Christopher Waller warned Friday that escalating Middle East tensions could drive inflation higher, but he sees no immediate need to raise interest rates. The closure of the Strait of Hormuz, following the US-Israel war on Iran, is already sending oil prices soaring, creating broader economic uncertainty. Waller emphasized that sustained high energy costs could ripple through consumer prices.

Since last year, Waller has supported interest rate cuts to boost employment. However, he recently shifted his focus due to inflation risks tied to prolonged geopolitical instability. “Since that time the Strait of Hormuz was closed, this is looking like it’s going to be a much more protracted conflict, and oil prices are going to stay high for a longer time,” he told CNBC. As a result, he now prioritizes monitoring inflation while maintaining current rates.

Inflation Concerns Amid Global Conflict

Waller warned that high oil prices touch many products and could push overall inflation higher. He also noted uncertainty about how long the war might last and its wider economic effects. “If it’s a very high level, and it stays high for months on end, then at some point it bleeds through,” he said. Besides inflation, Waller is still focused on job growth when deciding on policy.

Related: Crypto Layoffs Deepen as Gemini Cuts 30% and Crypto.com Adopts AI

The US-Israel conflict, which began on February 28, has led Iran to block the Strait of Hormuz, cutting off about a fifth of the world’s oil and gas supply. As a result, Brent crude jumped from $70 to $119 a barrel. The US also sent more troops to the region, adding to market uncertainty. Investors now face rising energy costs and the risk of tighter central bank policies.

Market Ripples and Asset Movements

The stock market showed rising uncertainty, with major indexes slipping below their 200-day averages. Energy stocks climbed on higher oil prices, while tech shares moved unevenly. Super Micro Computer dropped 24.6% after a $2.5 billion China smuggling case. 

Meanwhile, Bitcoin held near $70,000 and Ethereum around $2,136. Overall, the crypto market’s value reached $2.42 trillion, showing cautious investor confidence despite economic pressures.

Related: Bitcoin Leads Recovery as Ether, XRP Lag Amid Oil Price Decline