Implications of the 2026 Middle East war – Central Banking
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Gavin Bingham, Paul Fisher and Andrew Large detail the monetary policy, financial stability and international co-operation challenges for central banks
The US and Israeli military actions against Iran that began on February 28, 2026 led to serious disruptions in the global oil market and significant shocks to trade flows. They have potentially far-reaching consequences for expenditure and investment decisions and central bank policy. The Strait of Hormuz is the supply route for around 20% of global oil supply, of which an estimated 80–85% is destined for Asian markets. The spot price of Brent crude oil, which sat around $70 per barrel before
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