Oil prices spiked last week following escalating conflict in the Middle East between Israel and Iran. This has raised concerns about higher inflation against an already uncertain economic backdrop.

In this episode of the 10-Minute Take, RBC Economics’ Claire Fan and Carrie Freestone unpack:

• How high inflation could hit in Canada and the U.S. if oil prices continue higher.

• How higher energy prices could impact growth.

• What this could mean for interest rates in Canada and the U.S.