Iran-Israel conflict puts focus back on oil and gas, but unlikely to delay ECB rate cuts

The broadening of conflict in the Middle East could rattle global markets by pushing up energy costs, but won’t likely delay interest rate cuts from the European Central Bank

Financial markets face the new week fretting about geopolitics with much riding on whether Iran’s weekend strike on Israel triggers further rounds of retaliation

The broadening in the Middle East war to involve more conflict between Israel and Iran could rattle global markets this week by pushing up energy costs, but won’t likely delay interest rate cuts from the European Central Bank this summer.

Preliminary analyses of the economic fallout from the weekend drone attacks on Israel taken in relaliation by Iran for a deadly attack on its embassy in Damascus this month puts the focus back on global oil and gas markets, at a time when energy prices had been steadily rising again.