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A protracted conflict between the United States and Iran could potentially have global repercussions through the impact on crude oil prices, Moody’s Investors Service said in a recently published report and added that it could have wide-ranging implications as a broad economic shock, per Reuters.

“US attacks in Iraq significantly escalate the regional geopolitical risk,” Moody’s noted. “We continue to assume that the US and Iran will avoid an outright military conflict.”

In the meantime, the 10-year US Treasury bond yield was down 0.7% on the day and major European equity indexes were losing more than 1% to suggest that investors continue to seek refuge on Monday.