{"id":61903,"date":"2026-05-13T15:38:16","date_gmt":"2026-05-13T19:38:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/"},"modified":"2026-05-13T15:38:16","modified_gmt":"2026-05-13T19:38:16","slug":"kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/","title":{"rendered":"Kevin Warsh Confirmed as Fed Chair Amid Partisan Divide; Oil Prices Slide as BP Whiting Talks Resume"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/#Warsh_Confirmed_as_Fed_Chair_in_Historic_Vote\" >Warsh Confirmed as Fed Chair in Historic Vote<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/#Energy_Markets_Retreat_Amid_BP_Whiting_Developments\" >Energy Markets Retreat Amid BP Whiting Developments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/#ECB_Signals_Inflation_Pressures_and_Output_Price_Hikes\" >ECB Signals Inflation Pressures and Output Price Hikes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/#Geopolitical_Progress_and_Corporate_Moves\" >Geopolitical Progress and Corporate Moves<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/kevin-warsh-confirmed-as-fed-chair-amid-partisan-divide-oil-prices-slide-as-bp-whiting-talks-resume\/61903\/#Legal_and_Defense_Developments\" >Legal and Defense Developments<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>The U.S. Senate confirmed Kevin Warsh as the next Federal Reserve Chair<\/strong> in a narrow 54-45 vote, marking the most partisan confirmation in the central bank&#39;s history.<\/li>\n<li><strong>Energy markets saw a significant pullback<\/strong>, with <strong>Brent Crude falling 1.99% to $105.63\/bbl<\/strong> and <strong>U.S. Crude dropping 1.14% to $101.02\/bbl<\/strong> amid shifting geopolitical and supply expectations.<\/li>\n<li><strong>BP (<a href=\"\/stock\/BP\">BP<\/a>) and the United Steelworkers (USW)<\/strong> agreed to resume negotiations on May 18 regarding the Whiting refinery lockout, as the company maintains that operations cannot resume under previous safety protocols.<\/li>\n<li><strong>The Federal Reserve announced a $10 billion purchase of bills<\/strong> for reserve management, signaling continued active liquidity oversight during the leadership transition.<\/li>\n<li><strong>ECB Chief Economist Philip Lane warned of &quot;input cost pressures&quot;<\/strong> translating into higher output prices, suggesting that the current energy shock may lead to a lasting inflation overshoot.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Warsh_Confirmed_as_Fed_Chair_in_Historic_Vote\"><\/span>Warsh Confirmed as Fed Chair in Historic Vote<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>U.S. Senate<\/strong> has officially approved <strong>Kevin Warsh<\/strong> to lead the <strong>Federal Reserve<\/strong> following a contentious 54-45 vote. The confirmation process was notably divided, with <strong>John Fetterman<\/strong> being the only Democrat to join the Republican majority in support of Warsh.<\/p>\n<p>Immediately following the confirmation news, the <strong>Federal Reserve<\/strong> announced plans to purchase <strong>$10 billion in bills<\/strong> for reserve management. <em>Market analysts suggest this move aims to ensure stability and liquidity as the central bank transitions to new leadership under a more partisan backdrop than seen in previous administrations.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Energy_Markets_Retreat_Amid_BP_Whiting_Developments\"><\/span>Energy Markets Retreat Amid BP Whiting Developments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Brent Crude futures<\/strong> settled lower at <strong>$105.63 per barrel<\/strong>, down $2.14, while <strong>U.S. Crude<\/strong> closed at <strong>$101.02<\/strong>. The price decline comes as <strong>BP (<a href=\"\/stock\/BP\">BP<\/a>)<\/strong> prepares to return to the bargaining table with the <strong>United Steelworkers<\/strong> on May 18.<\/p>\n<p><strong>BP (<a href=\"\/stock\/BP\">BP<\/a>)<\/strong> clarified that negotiations for the <strong>Whiting refinery<\/strong> can proceed despite the ongoing lockout. The company emphasized that the facility cannot function under the previous labor agreement due to what it described as <strong>&quot;safety and operational hazards.&quot;<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ECB_Signals_Inflation_Pressures_and_Output_Price_Hikes\"><\/span>ECB Signals Inflation Pressures and Output Price Hikes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>ECB Chief Economist Philip Lane<\/strong> provided a sobering outlook on Eurozone inflation, noting that <strong>selling price expectations<\/strong> remain high. Lane indicated that <strong>input cost pressures<\/strong> are expected to map into higher output prices for consumers in the coming months.<\/p>\n<p>Lane further noted that the <strong>&quot;optimal response&quot;<\/strong> to external supply disruptions, such as the current energy shock, may differ from demand-driven shocks. He warned that if an <strong>inflation overshoot<\/strong> becomes lasting, the monetary policy response must be <strong>&quot;suitably robust or enduring.&quot;<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Geopolitical_Progress_and_Corporate_Moves\"><\/span>Geopolitical Progress and Corporate Moves<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>U.S. Vice President JD Vance<\/strong> reported that the administration is &quot;advancing&quot; in negotiations with <strong>Iran<\/strong>, focusing on a <strong>diplomatic route<\/strong> for the time being. Vance noted that progress has been made following his departure from Pakistan, involving consultations with advisors like <strong>Kushner<\/strong> and <strong>Witkoff<\/strong>.<\/p>\n<p>In the healthcare sector, an <strong>AbbVie (<a href=\"\/stock\/ABBV\">ABBV<\/a>)<\/strong> executive stated at a BofA conference that the company is <strong>open to merging obesity assets<\/strong>. The executive highlighted that the <strong>obesity market remains underpenetrated<\/strong>, signaling potential M&amp;A activity in the high-growth weight-loss drug space.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Legal_and_Defense_Developments\"><\/span>Legal and Defense Developments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A <strong>U.S. Federal Judge<\/strong> overseeing the <strong>Elon Musk-SEC Twitter settlement<\/strong> case raised a &quot;red flag&quot; regarding apparent <strong>backdoor communications<\/strong> in the matter. The judge\u2019s comments suggest ongoing legal friction between the billionaire and federal regulators.<\/p>\n<p>Separately, the <strong>U.S. Coast Guard<\/strong> finalized a <strong>$3.5 billion agreement<\/strong> with <strong>Davie Defense<\/strong>. The contract covers the construction and delivery of <strong>five Arctic Security Cutters<\/strong>, representing a significant investment in U.S. polar maritime capabilities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The U.S. Senate confirmed Kevin Warsh as the next Federal Reserve Chair in a narrow 54-45 vote, marking 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