Iran's Parliament Speaker Mohammad Bagher Ghalibaf mocked the Federal Reserve's 25-basis-point rate increase, publishing a satirical "Straits Taylor Rule" that adds terms for the Strait of Hormuz and Bab el-Mandeb. The Federal Reserve lifted its federal funds target range to 3.75%-4.00%, its first increase since 2023, as U.S. producer-price inflation accelerated to 5.4% year over year in August from 4.8% in July. Ghalibaf argued that the main inflationary force was the risk premium associated with the two shipping corridors, which Iran says it controls. The conflict in Iran, which began in February, has disrupted shipping and pushed oil above $100 a barrel this month. Brent crude was up 0.22% at $105.84, while WTI futures fell 0.30% to $102.12. The Strait of Hormuz typically carries roughly one-fifth of global oil and LNG shipments, according to the International Energy Agency. U.S. Central Command spokesman Capt. Tim Hawkins said the blockade was "highly effective" but said Iran does not control the waterway and that about 900 million barrels of oil had passed through since May. Treasury Secretary Scott Bessent has intensified "Operation Economic Outcast," a sanctions campaign targeting Iran's remaining financial lifelines.