BIS says the Iran crisis has caused a temporary spike in oil prices and urges central banks not to overreact.

金十2026/03/16 14:35

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Golden Ten Data reported on March 16 that the Bank for International Settlements (BIS) urged policymakers not to overreact to the surge in global energy prices triggered by the Iran crisis, stating that this is a textbook case of a shock that should be "ignored," especially when such shocks prove to be temporary. This month, oil prices soared by 40% and wholesale natural gas prices jumped nearly 60%, reminiscent of 2022—when Russia invaded Ukraine and the global economy restarted after the pandemic, causing inflation rates to spike. The Federal Reserve, the European Central Bank, and other major central banks raised interest rates to their highest levels in decades, but were criticized for responding slowly due to misjudging the impact as merely temporary. Although BIS called for caution in its latest report, financial markets have quickly adjusted their expectations, betting that central banks will not repeat the same mistakes. "If this is a supply shock, especially a temporary one, this is exactly the textbook case where it should be ignored rather than responded to with monetary policy," said the BIS chief economic adviser. He added that, given the memories of 2022 are still fresh, the rapid shift in market rate pricing may well be "a feature of this era."

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路透社•2026/10/08 18:26