ECB Governing Council member Kocher warned that if oil remains near $100/bbl through year-end the ECB may need to raise rates further. After the ECB's second rate increase on Thursday, Kocher said inflation risks are higher than a few months ago amid persistent Middle East tensions and elevated energy costs. Since the breakdown of a U.S.-Iran ceasefire in early July, oil has risen over 45% to above $100/bbl; European natural gas has nearly doubled since June to about €80/MWh. Kocher said an adve

ECB Governing Council member Kocher warned that if oil remains near $100/bbl through year-end the ECB may need to raise rates further. After the ECB's second rate increase on Thursday, Kocher said inflation risks are higher than a few months ago amid persistent Middle East tensions and elevated energy costs. Since the breakdown of a U.S.-Iran ceasefire in early July, oil has risen over 45% to above $100/bbl; European natural gas has nearly doubled since June to about €80/MWh. Kocher said an adverse oil/gas path would have to be factored into monetary policy and would further raise inflation risks.