ECB to decide on monetary policy on a meeting-by-meeting basis
The ECB will keep all options on the table due to uncertainty around energy prices.
Recent conflict in the Middle East pushed oil prices higher, contributing to increases in services inflation, transport costs, and food prices.
The ECB raised interest rates by 25 bps at its most recent meeting as inflation moved above the 2% target.
A sharp fall in oil prices following the US-Iran agreement may ease inflationary pressures if it persists.