ECB chief economist LANE said oil prices could remain above pre-war levels as energy firms and governments rebuild inventories, which would sustain upward pressure on inflation. He noted Brent crude briefly fell to pre-war levels last week, but demand for restocking may keep prices elevated. LANE added that while the ECB welcomes lower oil prices, oil may stay above pre-war levels for several years, imposing persistent cost-push pressure on the economy.

2026-06-30

ECB chief economist LANE said oil prices could remain above pre-war levels as energy firms and governments rebuild inventories, which would sustain upward pressure on inflation. He noted Brent crude briefly fell to pre-war levels last week, but demand for restocking may keep prices elevated. LANE added that while the ECB welcomes lower oil prices, oil may stay above pre-war levels for several years, imposing persistent cost-push pressure on the economy.