Peter Navarro, President Donald Trump's Trade Adviser, criticized Federal Reserve Chair Kevin Warsh's decision to raise interest rates by 25 basis points to a target range of 3.75% to 4.00% while oil and fuel prices are rising. Speaking on News Nation in a clip shared on X, Navarro said former Federal Reserve Chairs Alan Greenspan and Ben Bernanke avoided raising rates during earlier energy shocks. He argued that an oil price shock already reduces household spending and acts as a contractionary force, meaning a rate increase could place an additional burden on the U.S. economy. The federal funds rate, the overnight lending rate between depository institutions, influences borrowing costs for products including some credit cards, auto loans and mortgages, as well as returns on savings. Iran's Parliament Speaker Mohammad Bagher Ghalibaf also mocked the Fed's decision, saying uncertainty over shipping through the Strait of Hormuz was driving inflation as oil prices rose. AAA data put the U.S. national average gasoline price at $4.3672 per gallon and diesel at $6.3103 on Wednesday.