ECB’s Nagel: It will take months for oil supply to return to normal
European Central Bank (ECB) Governing Council Member and President of the Deutsche Bundesbank, Joachim Nagel, said during the European trading session on Monday that there seems to be no relief from high inflation in the foreseeable future, despite the finalization of the United States (US)-Iran peace framework. Nagel clarified, “If Strait of Hormuz were to become navigable again soon, it will take months for oil supply to return to normal.”
Market reaction
There seems to be no immediate action in the Euro (EUR), following ECB Nagel's comments. At press time, EUR/USD trades 0.35% higher to near 1.1605 amid risk-on market sentiment.
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