Senior Federal Reserve officials are signaling that surging energy prices may produce lasting inflation rather than a temporary supply shock, increasing the possibility of further interest-rate increases. Chicago Fed President Austan Goolsbee said the central bank can no longer delay action simply because the shock stems from energy, while St. Louis Fed President Alberto Musalem said further hikes are highly likely. Richmond Fed President Tom Barkin backed last week's rate increase, saying inflation risks still outweigh employment risks, although he said the need for additional hikes remains uncertain. Boston Fed President Susan Collins also cited a greater risk of inflation staying well above the 2% target and supported a somewhat more restrictive federal funds rate. The comments constrained gains in New York stocks, with the Nasdaq Composite rising 0.45% to a record 27,244.28, while the S&P 500 was nearly flat and the Dow fell 0.36%. Renewed U.S.-Iran dialogue helped push oil lower, with Brent dropping 1.1% to $99.25 a barrel and WTI falling 1.2% to $94.59. Markets are increasingly pricing one more Fed hike before year-end, a scenario that could lift Treasury yields and the dollar while pressuring equities. Oil volatility is expected to remain elevated as diplomatic progress competes with risks from intensified Houthi attacks and Iran's nuclear program.