There would, on the other hand, be a useful fall in interest rates, because investors would no longer demand a premium for the risk that the exchange-rate peg would be broken.

ECONOMIST: The ECB heads for turbulence

Bart Melek, vice president and director, head of commodity strategy, rates and foreign exchange research at TD Securities, said just chatter from Iran and Israel could push the risk premium on crude higher.

FORBES: FOCUS: IAEA Report On Iran's Nuclear Programs Not Influencing Markets Yet