Fed meeting live updates: Potential drama ahead if Powell hints he will hang around

Oil prices surge ahead of Fed rate decision, clouding inflation picture FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S., April 21, 2020. Dronebase Dronebase | Reuters Oil prices have surged about 7% in trading Wednesday afternoon at 12:40 p.m. ET as traders react to an Axios report that President Donald Trump plans to maintain the U.S. naval blockade against Iran until Tehran agrees to a nuclear deal. …