Meanwhile, 18 million barrels of crude and petroleum products moved through Hormuz earlier this week.

The Fed delivered its first rate hike in three years, lifting rates 25bp to 3.75%–4% and leaving another increase on the table before year-end. The dollar strengthened after the decision, pushing EUR/USD toward 1.1460 and USD/JPY above 156.

Gold recovered toward $4,300 as lower oil eased some inflation pressure, but higher US rates limited the rebound. 

Check out today's market updates.