The largest monthly jump in gas prices in six decades caused a sharp spike in inflation last month, creating major challenges for the inflation-fighters at the Federal Reserve and heightening already substantial political hurdles for the White House.

The gas price shock has shifted inflation's trajectory, from a slow, gradual decline to a sharp increase further away from the Fed’s 2% target.

The Consumer Price Index jumped 3.3 percent in the year through March, a two-year high, reflecting higher costs for energy and goods affected by disruptions in the Middle East.

Gas prices skyrocketed 21.2% in March, the largest one-month spike on record, and the inflation rate soared to 3.3%. Both were driven by high fuel prices from the war in Iran. The Strait of Hormuz, a

Inflation probably rose to 3.4% in March compared with a year ago, economists estimate, which would be a sharp increase from February’s 2.4% increase

U.S. stocks rose, even though oil prices did too, as financial markets moved more modestly a day after surging on optimism about a ceasefire in the war with Iran

Friday marks six months since Gaza's ceasefire deal took effect, a milestone largely lost in the confusion over the new and even more fragile ceasefire in the Iran war. The ravaged Palestinian territory of 2 million people has seen the most intense fighting stop between Israeli forces and Hamas-led militants.

The gas price shock has shifted inflation's trajectory, from a slow, gradual decline to a sharp increase further away from the Fed’s 2% target.