Ruth Gregory of Capital Economics suggested that if inflation jumps to 7 percent due to Middle East tensions, rates could rise from 3.75 to 4.75 percent.
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Conversely, Harvinder Kalirai of Alpine Macro expects the BoE to "look through the oil shock and political noise" for now.
He stressed that the UK economy lacks strength to absorb higher fuel costs and increased borrowing expenses.
Costas Milas of the University of Liverpool argued for prompt action.
"This is too uncomfortable for the BoE to stay inactive," he said, noting public dissatisfaction with the bank.
He suggested a rate hike as early as September.
David Aikman of the National Institute of Economic and Social Research warned about inflation persistence.
"The longer inflation remains above target, the greater the chance inflation expectations shift and wages respond," he said.
Despite these warnings, the MPC's majority view is to hold rates steady.
UK inflation eased to 2.6 percent in June, and GDP growth was minimal at 0.1 percent in May.
Thomas Pugh of RSM UK emphasized that if oil prices stay near $100 over the summer, a September rate hike would move firmly onto the table.
A peace deal and falling prices could keep rates unchanged until cuts begin in 2027.
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Governor Andrew Bailey is expected to address how the Middle East conflict affects inflation forecasts and the Bank's interest rate policy during the MPC meeting.
