Central banks decide amid Middle East led prices pressures

Show notes

Oil markets can’t catch a break. What started as optimism on Iraq resuming exports quickly flipped into renewed panic as escalating tensions in the Middle East rattled energy markets. Attacks on Iranian facilities and threats toward Gulf countries have pushed oil and gas prices sharply higher again — and markets are feeling the heat.
Equities are under pressure as rising energy costs squeeze margins and fuel inflation fears. Meanwhile, central banks are walking a tightrope. The Fed held rates steady, but the tone remains cautious — even hawkish — as inflation risks linger. And it’s not just the US: the ECB, BoE, and SNB now face the same dilemma.
Is this just a temporary shock… or something more persistent?
One thing is clear: as long as oil prices stay elevated, the risks remain skewed — downside for equities, upside for inflation.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.