Central Banks Confront Fresh Inflation Threat as War Jolts Oil

The world’s top central banks convene this week facing a renewed inflation threat from the war in Iran and the possibility that they’ll be forced to delay interest-rate cuts and in some cases consider hikes.

Changes aren’t imminent yet: The Federal Reserve, the European Central Bank and the Bank of England are all expected to keep borrowing costs steady as they assess how much surging energy costs will feed through to consumer prices and growth.

But for them and the other 18 central banks that are about to set policy — overseeing about two-thirds of the global economy in ...