The price of gasoline in Germany has reached a new high this year. The national average for a liter of E10 recently cost around 1.87 euros, which corresponds to an increase of 1.6 cents compared to the previous week.
The uncertainties in the Middle East due to the geopolitical tensions between Israel and Palestine and Iran are causing fuel prices to skyrocket. In the past two months alone, the price of crude oil has risen by around $12. The costs for the “black gold” were fueled by reports of explosions in Iran and a possible Israeli attack. About a third of the crude oil destined for global markets comes from the region, explains the media agency Bloomberg. The price of diesel has also been on the rise in recent weeks, although this development is currently stagnating. This is despite Western and Arab nations attempting to discourage Prime Minister Benjamin Netanyahu from such attacks.