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The Guardian - UK
The Guardian - UK
Business
Larry Elliott Economics editor

‘Very serious’: Bank of England governor warns of Middle East oil shock risk

Andrew Bailey has been governor of the Bank of England since 16 March 2020.
Andrew Bailey has been governor of the Bank of England since 16 March 2020. Photograph: Sean Smith/The Guardian

The Bank of England is monitoring the Middle East crisis amid fears that a worsening conflict between Iran and Israel will make it impossible to stabilise oil prices and leave the global economy vulnerable to a 1970s-style energy shock.

Andrew Bailey, the Bank’s governor, said he was watching developments “extremely closely” and that there were limits to what could be done to prevent the cost of crude rising if things “got really bad”.

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