Oil pries were higher today as ongoing tensions in the Middle East lent support to prices. Meanwhile, investors were left disappointed after the Federal Reserve pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point reduction for the year. “The market is holding its breath right now,” said Tim Snyder, economist at Matador Economics. “If Powell talks outside of what the Fed publishes, there could be a little discord within the policy committee as to their direction on interest rates,” Snyder added. Elsewhere, European Central Bank Vice President Luis de Guindos said the ECB must move “very slowly” in reducing interest rates, because of huge uncertainty over the inflation outlook. U.S. crude stocks posted a surprise build last week, up by 3.7 MM/bbls, compared with expectations of a 1 MM/bbl draw. Gasoline stocks also rose more than expected, up by 2.6 MM/bbls, compared with analysts’ expectations for a 900K/bbl build. WTI traded up $.60 or .77% to close at $78.50. Brent traded up $.68 or .83% to close at $82.60.