The military escalation in the Middle East and the associated blockade of important trade routes like the 'Strait of Hormuz' have driven crude oil prices up. This is immediately noticeable at the gas pumps in 'Germany' and 'Austria'. The price for a liter of diesel climbed in some cases above two euros in the nationwide average, while 'Super E10' reached higher values than last in May 2024.
Consumer protectors and the Chamber of Labour ('AK') expressed clear criticism of this development. The 'AK' described the recent price increases as disproportionate. There is a suspicion that the mineral oil companies are exploiting the current political situation to raise prices faster than the actual development in the crude oil market justifies. Experts pointed out that the petrol currently being sold was already purchased weeks ago at lower rates.
The uncertainty in the markets also weighed on the stock exchanges. The 'Deutscher Aktienindex' ('DAX') recorded significant losses in the wake of the crisis reporting and temporarily slipped below important benchmarks. Analysts fear that if the sea routes remain blocked, 'Inflation' could be fueled again, which should dampen the economic recovery. Drivers are advised to use price comparisons and refuel in the evening hours if possible to avoid the morning price peaks.
