European Central Bank policymaker Joachim Nagel said on Monday there would be no immediate relief from an energy-driven spike in inflation even if the Strait of Hormuz reopens soon because it will take months for oil supply to recover to its pre-war level. US and Iranian officials said overnight they have reached an agreement to end their war and reopen the Strait, a gateway for energy shipment, in a preliminary pact that sent oil prices falling. But Nagel reaffirmed his view that all options - meaning both holding interest rates steady or increasing them - remain for the central bank’s next policy meeting on July 22 ... (full story)