The minutes of the European Central Bank (ECB) monetary policy meeting on July 22-23 showed that financial markets continue to be driven by the evolving conflict in the Middle East and the development of artificial intelligence. Markets expect the European Central Bank (ECB) to raise interest rates once in September 2026 and once in February 2027 to address upward risks to medium-term inflation. The minutes noted that Brent crude oil forward futures prices remain well above pre-war levels, crack spreads have reached historical highs, and natural gas prices are also significantly higher than pre-war levels. Furthermore, food prices have shown an upward trend recently, and medium-term inflation expectations (from mid-2027 onwards) have shifted upwards and are noticeably above 2%.