ECB raises key rate to 2.5% as Middle East conflict lifts energy prices
The European Central Bank raised its benchmark interest rate by a quarter point to 2.5% in Berlin, its second hike this year, as renewed Middle East fighting drives energy prices higher. Brent crude climbed back above $100 a barrel and European natural gas hit a three-year high, with the ECB warning inflation will stay above its 2% target for an extended period.