Oil price shock: rising costs threaten consumers in Germany!

Oil price shock: rising costs threaten consumers in Germany!

The global economy faces potential challenges: Iran threatened to block the street of Hormus, a crucial trade route for crude oil and gas. This development could have massive effects on the global markets, such as [az-online.de] (https://www.az-online.de/wirtschaft/hormus-blockade-wegen-Eskalation-heizoel-zahnbuersten- orSpirin-das-teurer-zr-93788267.html). Higher crude oil prices have already led to increasing costs for fuel and heating oil in Germany, and experts fear escalation that could not only affect the oil market, but also the entire economic course.

The street of Hormus is not only an important passage for Iranian oil exports, but also for other golf states. This waterway enables about a quarter of global oil production to be transported. A fifth of the global oil exports could be affected by a possible blockade, which [https://www.tagesschau.de/wirtschaft/kommus-blockade-oelpreis-weltwirtschaft-100.html) illustrates. The explosive of the situation increases through the current tensions between Israel and Iran, which led to an increase in crude oil prices.

rising prices and economic fears

The price development is alarming: the gasoline prices have already experienced an upward trend. The price for Super E10 is now 1.749 euros, while Diesel has risen to 1.639 euros. Heating oil also increases from 87 euros to 94 euros for 100 liters. These price increases can have consequences for the entire economic area, from inflation to a possible recession in Germany. The inflation rate is currently 2.1 percent, which was significantly reduced compared to the previous year when it was still 6.1 percent. But the conditions could change quickly, such as [Manager-Magazin.de] (https://www.manager-magazin.de/politik/strasse-von-hormus-sorgeste-oel-ader-ader-a----6e4d845d- 469c-8176-3dd9b3e1)

The market situation is complicated by the fact that Iran produces around 3.8 million barrels of crude oil every day and exports around 1.8 million barrels. Asian countries, especially China, are the main customers. Despite the tense situation, experts believe that the global oil market could remain stable even without the Iranian oil. However, Saudi Arabia and the United Arab Emirates are heavily dependent on this trade route.

market disturbing and possible consequences

Some analysts warn that a closure of the Hormus road could disturb traffic over important trade routes. The Opec has enough production capacity to limit price increases, but panic reactions in the markets should result, the crude oil prices could increase to over $ 100 per barrel, at least there should be up to $ 120 in the air. According to the traffic expert Thomas Puls, the actual effects on German retail are low, but the general uncertainty remains.

How it goes on remains exciting. In view of the geopolitical developments and the volatile markets, there are many strangers. The situation in the Middle East could not only influence the oil price, but also to falter the entire global economy. Consumers are already required; Between toothbrushes and aspirin, with increasing prices for basic foods, even simple things of daily needs are expensive, such as az-online.de.