ECB Governing Council member Joachim Nagel said the ECB is closely monitoring energy costs as the Middle East conflict has once again escalated and geopolitical uncertainty has increased. The Bundesbank governor said in an email statement that hopes and disappointments have been intertwined in the past few weeks, and the restart of the war between the US and Iran highlights that the situation is still volatile and uneasy. “Energy price trends are a key factor in determining future inflation prospects.” “Monetary policy will continue to be vigilant,” Nagel said.

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