ECB Raises Interest Rates Amid Energy-Fueled Inflation

The European Central Bank has raised interest rates by a quarter percentage point to combat inflation fueled by high oil prices from the Iran war. The decision was made at a meeting in Berlin, away from the bank's Frankfurt headquarters.

The benchmark rate now stands at 2.50% after the increase. According to Bank President Christine Lagarde, the stronger-than-expected economy suggests businesses can withstand higher borrowing costs.