European Central Bank Governing Council member Jose Luis Escriva has cautioned that the complex situation regarding energy supply is likely to persist despite the agreement to reopen the Strait of Hormuz.

The US-Iran agreement has already driven oil prices lower, as investors anticipate the conclusion of the conflict that has lasted over three months. However, ECB policymakers in Frankfurt do not believe the danger has passed, with markets expecting the central bank to implement further interest rate hikes.

"It remains uncertain whether the markets can fully reflect the extent, scale of supply disruptions, and the time required for production to recover," Escriva stated in Madrid on Tuesday. "This is still uncertain, still a question, and will be a factor accompanying us for some time."