In a significant international development, eleven top central bankers from around the world issued an unprecedented joint statement expressing full solidarity with U.S. Federal Reserve Chair Jerome Powell. This collective defense came after the U.S. Department of Justice, under the Trump administration, launched a criminal investigation into Powell. The probe specifically targeted Powell's testimony before Congress regarding alleged mismanagement and cost overruns in a $2.5 billion renovation project at the Federal Reserve's headquarters. Critics, including Powell himself and former Fed chairs, widely condemned the investigation as a politically motivated attempt to undermine the Federal Reserve's independence and pressure Powell to align interest rate decisions with the President's preferences. Jeanine Pirro, the U.S. Attorney for the District of Columbia and a Trump appointee, spearheaded the investigation, drawing internal White House frustration for its potential market impact. Concurrently, global oil prices surged to a two-month high, driven by geopolitical tensions. This spike followed President Trump's declaration of a 25% tariff on any country engaging in business with Iran, effective immediately, aiming to escalate pressure on Tehran amidst ongoing protests. Major Iranian trading partners, including China, Turkey, the United Arab Emirates, and significantly, India, were identified as potential targets for these new levies. The threat of these tariffs raised concerns about global supply chain disruptions and further exacerbated market volatility.