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Sam Vadas breaks down the ECB's decision to hold interest rates steady and what it signals for the region's economic outlook. Marley Kayden also covers the latest move in energy markets as oil prices climb above $90 per barrel, highlighting the factors driving the rally.

The European Central Bank kept borrowing costs unchanged, with the deposit rate remaining at 2.25%. This buys the central bank time to wait for data to judge whether price pressures caused by the Iran war require additional fiscal tightening.

The European Central Bank kept borrowing costs on hold on Thursday but left room ​for more tightening in the coming months as ‌a widening conflict in the Middle East pushed up energy prices again.

The latest flare-up in fighting probably won't force the European Central Bank's hand on Thursday, even as energy costs creep higher.

Analysts at ING said a surprise hike at Thursday's meeting “should not be fully ruled out.”