European Central Bank: Middle East and Russia-Ukraine Situation Keeps Future Oil Price Risks Elevated

BlockBeats News, August 27, the European Central Bank (ECB) stated that due to geopolitical developments in the Middle East, Ukraine, and Russia, the risks to future oil and natural gas prices remain elevated. Minutes from the ECB meeting released on Thursday indicate that although current oil prices are "still far below recent highs" and the futures price curve has weakened, "oil prices throughout the forecast period remain significantly higher than pre-war levels, suggesting a continued rise in oil prices with risks skewed to the upside." Additionally, the ECB noted that the recent decline in oil prices "has not alleviated the medium-term inflation trajectory reflected in market pricing," adding that "inflation expectations remain anchored." The ECB reiterated its commitment to maintaining price stability and stated it would "act promptly" to achieve its medium-term inflation target of 2%. (Jin10)