According to CoinMeta, Hugh Peir, the Chief Economist of the Bank of England, stated that the severe fluctuations in energy and commodity prices caused by the Iran war could continue until 2027. This highlights the risk that inflation may remain high for an extended period, forcing policymakers to take action. Peir noted that the development of the situation in the Middle East and how it will ultimately affect the British economy remains "extremely uncertain" and difficult to predict. He added that the Bank of England is currently unable to accurately assess the duration or scale of the conflict, as evidenced by the erratic recent negotiations between the United States and Iran. He said, "In April of this year, people might have hoped that, despite the great uncertainty, we would at least know the direction by July. However, that uncertainty has not been resolved yet, and we may face continued significant fluctuations in energy and commodity prices throughout the end of this year and into next year." Peir is one of the most hawkish policymakers on the Bank of England's Monetary Policy Committee and was also one of the three members who voted in favor of raising interest rates this week.