Smoke emanates from smokestacks at the Phillips 66 Bayway Refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)

Smoke emanates from smokestacks at the Phillips 66 Bayway Refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)

Smoke emanates from smokestacks at the Phillips 66 Bayway Refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)

Smoke emanates from smokestacks from an oil refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)

Smoke emanates from smokestacks from an oil refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)

Smoke emanates from smokestacks at the Phillips 66 Bayway Refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)

Smoke emanates from smokestacks from an oil refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)

Smoke emanates from smokestacks at the Phillips 66 Bayway Refinery in Linden, New Jersey, on March 18, 2026. Oil prices surged Wednesday following a strike on a major Iranian gas facility as the Federal Reserve raised its inflation forecast while holding interest rates steady. (Photo by kena betancur / AFP via Getty Images)