Gulf conflict escalates, leading to potential global economic repercussions
Tensions in the Gulf are keeping oil prices high, which has global markets feeling uneasy.
Central banks are now thinking about pausing interest rate hikes to handle the uncertainty.
There's talk of forming a coalition to escort ships through the Strait of Hormuz, and European Union foreign ministers are discussing bolstering a small naval mission in the Middle East, though any operation would be risky.
Central banks pause interest rate hikes as energy costs spike
With energy costs spiking, central banks are meeting for the first time since conflict began.
JPMorgan's Bruce Kasman says inflation is likely to rise while growth slows down.
Oil prices remain volatile (Brent about $103 a barrel) and bond yields have risen; MSCI's broad index of Asia-Pacific shares outside Japan edged up roughly 0.1% on Monday.
The US Fed is expected to keep rates steady, and Japan's Nikkei dipped about 0.1%.