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Pablo Hernández de Cos warned that sustained energy-price pressure from the Iran war could complicate efforts to control euro-area inflation. He said policymakers should base any further rate increases on incoming evidence of inflation risks, while also raising concerns about high public debt and budget deficits.
Prolonged conflict-related energy costs could sustain inflation and keep pressure on the ECB to maintain or tighten monetary policy. The energy disruption is supportive for crude prices, while higher rates could constrain broader demand.
investing.comSimon MugoNov 7, 2026After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
