Leaders of some of the world’s biggest economic powers will arrive in the Canadian Rockies on Sunday for a Group of Seven summit shadowed by a widening war in the Middle East, and U.S.

Global air traffic has been disrupted following Israel’s strikes on Iran Friday, with several major airlines suspending flights to and from locations in the Middle East and rerouting their planes to avoid much of the region’s airspace.

AMANEY A. JAMAL is Co-Founder and Co-Principal Investigator at Arab Barometer, Dean of the Princeton School of Public and International Affairs, and Edwards S. Sanford Professor of Politics and International Affairs at Princeton University.

Major equity indices, which had been hovering near all-time highs, pulled back as geopolitical risks surged back to the forefront.

President Donald Trump has repeatedly demanded the Federal Reserve slash interest rates. But Fed officials have stood pat, waiting to see how his administration’s sweeping policy changes affect the economy first.

U.S. ultra-low sulfur diesel futures hit the highest level since February, outpacing gains in oil and gasoline as analysts warned that diesel supply is the most exposed to the conflict in the Middle East.

The UK Chancellor Rachel Reeves says the government will not ‘take anything off the table’ in response to the threat of rising energy costs

Jon Faust, who advised three Fed chairs, doesn’t see an interest-rate cut until December — an even then, the odds of a move are just 50/50.