Bank of England Governor Andrew Bailey says that the resumption of hostilities between the United States and Iran in recent days had increased risks to financial stability, Reuters reports.

“It seems to me that the situation remained unstable, and the ceasefire was fragile.

“I think where I am now… instability has come to pass. I don’t certainly feel qualified to judge how long this is going to go on for in terms of this resumption of hostilities and how it’s going to end. But it underlines that this is going to be an unstable process for the foreseeable future,” Bailey has told lawmakers.