Energy Shock Risks Rise as Iran Tensions Drive Oil Back to the Forefront

Amundi’s weekly market note examines how escalating tensions around Iran are influencing global markets, primarily through the energy channel. 

• Oil and gas price spikes are transmitting geopolitical tensions into markets, raising inflation concerns and pressuring energy-importing economies.

• If disruptions to infrastructure or the Strait of Hormuz remain limited, the impact on global growth and inflation is likely to be temporary.

• Central banks may delay policy decisions while assessing the evolving balance between inflation risks and economic momentum.

How durable the energy shock becomes will likely determine whether markets face a brief volatility episode—or a broader macroeconomic ripple.