Oil prices pulled back but remained elevated as markets assessed a potentially prolonged US-Iran conflict, disrupted shipping routes and threats to regional export infrastructure. Brent crude for November delivery fell 2.88% to $105.6 a barrel and WTI crude for October delivery declined 3.33% to $102.3 at 2:18 p.m. ET. The Federal Reserve raised rates by 25 basis points to 3.75%-4.00%, its first increase since 2023, and projected one further hike before year-end, adding pressure to oil through potentially slower growth, a stronger dollar and higher inventory costs. Standard Chartered said physical export risks and the US-Iran stalemate should keep prices above a higher floor. A drone strike damaged Saudi Arabia's East-West pipeline, forcing its closure, while Houthi attacks and advances around the Red Sea and Bab el-Mandeb increased shipping, insurance and rerouting costs. Earlier reporting put oil above $108 a barrel, roughly 50% above $70 in June 2026, and showed U.S. gasoline near $4.37 a gallon, record diesel around $6.30-$6.31 and French fuel at approximately €2.12 for petrol and €2.29 for diesel. Brown University estimated that U.S. consumers had paid about $107 billion more for gasoline and diesel because of the Iran and Russia-Ukraine conflicts. Elevated fuel and gas costs continue to pressure households, truckers, farmers, fishing and transport businesses, while raising inflation and economic-growth risks.