Could Middle East War Reignite Runaway Inflation?

The U.S. Federal Reserve just cut interest rates last month. The European Central Bank cut rates, too, in recognition of tamer inflation. Now, this may be about to change if violence in the Middle East escalates further. Brent crude topped $80 per barrel on Monday, rallying on reports suggesting Israel may respond to Iran's missile barrage attack from last week sooner rather than later. West Texas Intermediate climbed closer to $77 per barrel. By early Tuesday, the benchmarks were slightly down, but the rally had in no way fizzled out. If it holds,…