Oil futures booked solid weekly gains, boosted by the Federal Reserve’s large interest-rate cut and a renewed rise in tensions in the Middle East.

We concluded that this was the right thing for the economy and the people we serve,” the Federal Reserve chair, Jerome Powell, said, referring to the central bank’s decision to cut interest rates by half a point.

If the Fed cuts interest rates today, borrowers will likely see interest rates ease off their peaks on things like credit cards and auto loans.