Oil pulls back, but risks remain elevated

Oil is pulling back as US/Israel are trying to calm the game, but don’t be fooled—the Middle East continues to boil, energy price risks remain tilted to the upside and the latter has thrown central banks into a fresh dilemma: what to do with the rates? Rate cut expectations are fading, while the risk of renewed tightening is creeping back—especially in Europe, where the energy shock hits harder. But here’s the catch: higher rates won’t fix an oil shock. Is there a place to hide? Chinese equities outperformed US, European peers since the beginning of the Iran conflict but Alibaba’s post-earnings selloff raise questions. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.