Singapore tightened monetary policy for the second time in three months, as the fallout from the US war against Iran keeps global energy markets volatile and inflation risks elevated, AFP reports.

The Monetary Authority of Singapore (MAS) said it would increase the rate of appreciation of the local dollar’s trade-weighted value.

The move comes as oil prices remain elevated owing to tensions in the Middle East, sparked by the US-Israel attacks on Iran that began on February 28, and continue to cast a shadow.