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ECB Chief Economist Lane: Oil Prices to Remain Elevated Above Pre-War Levels, Pushing Inflation Higher

2026-06-30 07:11:09

According to Jin10, ECB Chief Economist Philip Lane stated on June 30 that oil prices would likely remain elevated above pre-war levels due to restocking demand from energy companies and governments, continuing to push inflation in coming years. While Brent crude prices have retreated to pre-war levels over the past week, Lane said during the ECB Forum that demand for oil aimed at replenishing inventories would keep prices high. "From our perspective, we very much welcome seeing oil prices fall. But in terms of the overall inflation impulse, oil prices are likely to remain above pre-war levels for the coming years, which will essentially put upward cost pressure on the economy," he said.

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