European Central Bank's Nagel: Will closely monitor the impact of a renewed outbreak of war in Iran on energy prices.

Joachim Nagel, member of the European Central Bank's Governing Council, said that due to the escalation of the conflict in the Middle East and increased geopolitical uncertainties, the ECB is closely monitoring energy costs. The German central bank president stated in an email declaration that in the past few weeks, hopes and disappointments have been intertwined, and the restarting of the war between the US and Iran highlights the ongoing instability. "The trend in energy prices is a key factor in determining future inflation prospects," Nagel said. "Monetary policy will continue to remain vigilant."