Germany’s Ifo business climate index rose to 86.6 in July, extending its climb to a third consecutive month, with the expectations sub-index jumping 2.6 points to 86.7. The current assessment component edged lower, and the headline level remains below its five-year average. The reading is described as reflecting a short-lived lift from the earlier US-Iran memorandum of understanding, while a renewed surge in energy prices, rising Middle East conflict risks and record-low Rhine water levels are weighing on industrial supply chains and the growth outlook.