Israel-Hamas war 'unlikely to lead to ECB interest rate hike' 

European gas prices are closely watched by governments and the ECB because the fuel is extensively used to generate significant amounts of electricity. File picture

A 30% hike in the price of European wholesale gas during the week as the Israel-Hamas conflict flared will give the European Central Bank cause for concerns but won't likely lead to higher interest rates, experts have said. 

The price of crude oil has settled at below $90 a barrel but wholesale gas for delivery next month jumped to over €57.50 per megawatt hour in late trade on Friday, potentially threatening another wave of global inflation.