European Union — European Central Bank & Iraq

European Union — European Central Bank: The European Union — European Central Bank raised interest rates in response to inflation fueled by the Iran war, becoming the first major central bank to do so, aiming to dampen consumer price inflation.

Iraq: Iraq is one of the Persian Gulf producers whose oil supplies have been disrupted by the Strait of Hormuz closure, and it has struck arrangements with Iran to move oil.

European Union — European Central Bank: The European Union — European Central Bank (ECB) welcomed the US-Iran ceasefire, with President Christine Lagarde noting its potential to reopen the Strait of Hormuz. However, policymaker Joachim Nagel cautioned that it would not bring immediate relief to high euro zone inflation, influencing market expectations for future rate hikes.

Iraq: Iraq is a major Gulf producer whose oil exports transit through the Strait of Hormuz. The reopening of the strait is crucial for its energy exports and global market stability.

European Union — European Central Bank: The European Union — European Central Bank provided estimates for future oil prices, which have risen due to the war's impact on replenishment costs.

Iraq: Iraq is among the Gulf producers resuming production and exports, facing the task of repairing energy infrastructure damaged by Iranian attacks.