The price for a barrel of Brent crude to be delivered in July jumped 5.8% to settle at $110.44 per barrel, the highest price since the Iran war began, reaching $111.84 later in the afternoon. The Dow Jones Industrial Average dropped 280 points, or 0.6%, while the Nasdaq composite inched up by less than 0.1%. The Federal Reserve announced it is continuing to hold off on interest rate cuts, despite concerns about worsening inflation. Despite this, the S&P 500 finished nearly unchanged and down slightly by 0.5%. Despite this increase, the stock market held near its records as more companies reported stronger profit growth for the start of 2026 than analysts expected.