Oil Prices Rise at German Pumps Amid Middle East Tensions
The prices at German gas stations have increased significantly over the past week, according to the German Automobile Club (ADAC). Diesel fuel, in particular, has seen a more pronounced rise, with the average price per liter increasing by 3.9 cents to 1.589 euros, compared to the previous week. Super E10, a type of gasoline, has seen a price hike of 2.4 cents, now costing 1.692 euros per liter.
The ADAC attributes the price increase to the crisis in the Middle East, citing the growing concern over the ongoing conflict between Israel and Iran and the potential for further escalation. A blockade of the Strait of Hormuz, a vital oil transportation route, could severely disrupt global oil supplies, as a significant portion of the world’s oil is produced in the region.
As a result, the price of Brent oil has risen by around $10 per barrel in the past week, now standing at nearly $77 per barrel. Despite this significant increase, the ADAC notes that oil prices remain on a “moderate level” for the time being.