Oil prices had fallen sharply after a ceasefire between the US and Iran, inflation was cooling faster than expected and the eurozone economy was proving more resilient than initially feared. Christine Lagarde mentioned energy prices, particularly oil, repeatedly during her press conference, underscoring how rapidly geopolitical developments have reshaped the ECB's outlook. Lagarde revealed that the Governing Council spent the past two days reconstructing everything that had changed since its June meeting. Rather than reacting solely to June's encouraging inflation figures, policymakers are trying to assess whether the renewed energy shock will prove temporary or evolve into a broader inflation problem. For now, however, Lagarde said the central bank is not seeing evidence that companies are responding with higher wage demands.