ECB Warns of Inflation Due to Iran War

European Central Bank policymaker Olli Rehn stated that the war between Iran, the United States, and Israel could lead to continued inflation in the Eurozone due to rising energy prices resulting from the closure of the Strait of Hormuz, through which 20% of the world's oil passes, bringing Brent crude closer to $90. He warned that the bank should be prepared for a prolonged, drawn-out conflict in the Middle East that could intensify inflationary pressures.

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