Inflation remained steady in February, with consumer prices rising 2.4% from the previous year, according to government data. However, a recent surge in oil prices linked to the Iran war could undermine this progress. This could keep the Federal Reserve in a holding pattern on interest rates. The national average price for gasoline reached $3.58 a gallon on Wednesday, marking the highest level since May 2024. The International Energy Agency agreed to release 400 million barrels of oil from their reserves to shore up supply and prevent further price increases. The U.S. labor market is also weakening, with new data showing the economy losing 92,000 jobs last month and revealing 69,000 fewer jobs than originally estimated. Concerns are also growing about consumer spending, which was expected to see a significant boost from new tax rules included in President Donald Trump's "One Big Beautiful Bill".