The Globe and Mail reports in its Thursday, May 14, edition that the Bank of Canada is mulling various options for its benchmark interest rate due to inflation risks from the Iran war. A Canadian Press dispatch to The Globe reports that on Wednesday, it released a summary of deliberations behind its decision to keep the policy rate steady for the fourth consecutive time in late April. Governor Tiff Macklem said if the war in Iran or stricter U.S. trade restrictions hurt the economy while inflation stays low, further policy rate cuts may be necessary. Conversely, rising global oil prices could lead the BOC to implement consecutive rate hikes. Wednesday's summary of deliberations largely repeated the scenarios Mr. Macklem laid out at the last rate decision, with a few additional details. For instance, governing council indicated the degree of tightening needed in a higher inflation scenario would partly depend on the level of investment in the energy sector, as well as what happens to the Canadian dollar's exchange rate with its U.S. counterpart. Future changes in monetary policy are expected to be small if the economy evolves roughly in line with the BOC's latest forecast of $75 (U.S.) a barrel.