Oil futures climbed 5.5% before partially reversing after President Trump stated that US-Iran nuclear negotiations are "moving fast" with a deal possible within one week. The late-session pullback reflects markets beginning to price in the supply implications of a potential agreement. Fed officials monitoring energy prices as an input to their near-term inflation outlook will note that the net settlement price, even with the giveback, remains meaningfully above the prior week's close. Sustained elevated energy prices complicate the disinflation narrative the Fed has been relying on.