Oil price increases from geopolitical tensions have not translated into broader price pressures across the economy

"Euro zone bond yields witnessed a decline on Tuesday, reversing previous gains, as oil prices dropped following a statement from Qatar's foreign ministry about advanced discussions between Oman and Iran concerning shipping in the Strait of Hormuz."

"Economists told The Associated Press that the rise in gas prices caused by the Iran conflict has not spread across the wider economy, except for higher airfares and a few other costs."