The widening geopolitical tensions in the Middle East are tilting growth risks to the downside, EU Economy Commissioner Paolo Gentiloni said Monday.

Speaking ahead of the Commission’s Winter forecast, which he announced would be presented on February 15, the commissioner also warned of renewed inflation pressures as spillovers from the conflict "are now affecting shipping routes in the region”.

“Should these (risks) persist or worsen, so would the possible implications for energy prices and supply chain disruptions, which would once again fuel inflation pressures,” he said.