ECB's Escrivá Warns Energy Supply Complexities to Persist Despite U.S.-Iran Agreement

According to ECB Governing Council member Escrivá, on Tuesday, energy supply complexities are likely to persist despite an agreement to reopen the Strait of Hormuz. While U.S.-Iran negotiations have pushed oil prices lower as markets anticipate the end of the conflict, the ECB policymaker cautioned that uncertainties remain regarding the extent of supply disruptions and the time needed to restore production. Market participants still broadly expect further ECB rate increases.
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