No interest rate rise is going to force an oil tanker through the Strait of Hormuz, or clear the "hazardous area" of mines.
The Bank of England repeatedly made the point in its latest meetings' minutes and new numbers that the bigger picture is out of anyone's control - at least here in Britain.
There was an important message, however, in the deliberations and forecasts around the decision to hold rates.
Rate cuts are definitely off the agenda, some form of rate rise is more likely than not, and if oil prices sustain at Thursday morning's $125 peak for the rest of the year, rates might need to go above 5% this year.
Essentially the Bank was trying to provide detail around some of the "ifs" and "maybes" to manage expectations of what outcomes are plausible if the Gulf impasse lasts several months.
