O’Grady told reporters that an extended military conflict in the Middle East could lead to a spike in oil prices, supply chain disruptions, and a “dampening of consumer confidence”. While the provisions decision predated the Middle East crisis that started last weekend, O’Grady and his team still had the US’s strikes on Iranian nuclear sites last June in the back of their minds as they considered known unknowns. “The Middle East remains central to the global energy system. “We are now in a world where central banks are no longer manipulating market interest rates through quantitative easing. “The banks are probably one of the best placed sectors to deal with the financial-world effects of an extended conflict in the Middle East.

Source: The Irish Times March 06, 2026 18:02 UTC