Oil and gas prices climbed as the ongoing U.S.-Iran conflict and wider Middle East tensions threatened energy flows, while cryptocurrencies and metals fell ahead of Wednesday’s Federal Reserve decision. Brent reached $107.81 in one report and $107.48 in a later update, while West Texas Intermediate reached $102.94 and $102.56, respectively. European gas rose above €82 per megawatt-hour and Northeast Asian LNG reached a more than three-year high. Saudi Arabia’s East-West pipeline was shut after drone damage from Iraq, Houthi activity intensified around Saudi Arabia, the Strait of Hormuz and Bab el-Mandeb, and a planned Iran-Gulf meeting in Oman was postponed. Hotter-than-expected U.S. inflation lifted the market-implied probability of a 25-basis-point Federal Reserve increase to 86.3%, while total crypto capitalization fell to $2.62 trillion and gold, silver and copper declined.