The energy market is the key theatre of battle in the Iran war, with escalating damage and potential for Brent crude prices to hit $200 per barrel, a prediction that Tehran has threatened. However, despite this, financial markets have remained calm despite expectations for more hawkish monetary policy. The oil futures market is not pricing in a lengthy crisis, and the paper market appears overly optimistic about the duration of the energy shock. The most affected areas are refined products like gasoline and diesel fuel, particularly in Asia. Despite this, the U.S. president and Chinese counterpart Xi Jinping's scheduled summit meeting was delayed due to the ongoing war. The crisis's implications on policy trajectories varied among the four major central bank meetings this week.