Welcome to meet the press now. I'm Kristen Welker in Washington, and that was the closing bell on Wall Street as markets finished the day

slightly lower against the backdrop of soaring oil and gas prices from the war against Iran.

As President Trump signals, he will continue to blockade Iran until it agrees to give up its nuclear ambitions.

Markets also closing after the Federal Reserve's decision to leave interest rates unchanged.

Chairman Powell speaking to reporters this afternoon, likely for the last time as chair,

with President Trump's replacement poised to take the reins.

Powell expressing concern about the administration's attacks against him and the central bank,

while also cautioning that the conflict in the Middle East

is driving up energy prices and causing economic uncertainty. Listen.

The economic outlook remains highly uncertain and the conflict in the Middle East has added

to this uncertainty. In the near term, higher energy prices will push up overall inflation.

Beyond that, the scope and duration of potential effects on the economy remain unclear,

as does the future course of the conflict itself.

Today, prices at the pump hitting a four-year high, $4.23 a gallon on average for regular gas.

U.S. oil prices spiking as well, breaking $100 a barrel.

At the same time, a major international benchmark for oil near to $120 a barrel, its highest level since 2022. In a meeting yesterday, President Trump told energy executives that the U.S.

blockade of Iranian imports will continue, quote, four months if needed.

That's according to a White House official speaking to reporters today.

The president doubled down on that strategy.

Well, the blockade is genius, okay?

The blockade has been 100% foolproof. It shows how good our Navy is, I can tell you that.

Nobody's going to play games. Now they have to cry uncle. That's all they have to do, just say,

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