Investing.com -- European Central Bank Governing Council member Gabriel Makhlouf said Tuesday that a peace agreement between the US and Iran may not immediately alter the path of inflation in the euro area.

"An end to the conflict does not necessarily mean an immediate end to the shock," the Irish central bank chief said Tuesday in Dublin. "It remains to be seen how quickly supply chains normalize and energy prices adjust."

His remarks align with statements from other ECB policymakers who have supported last week's interest rate increase and cautioned about ongoing price pressures. This comes after the US and Iran announced they reached an interim agreement to reopen the Strait of Hormuz, which led to a sharp decline in energy prices.

"The direct price pressures might not fade so quickly if the infrastructure damage from the war means production only recovers with a lag," Makhlouf said. "Then there is the question of shipping through the Strait of Hormuz, on which there remains little clarity."