"Prices have risen sharply this week amid the volatility since Saturday's strikes on Iran and the subsequent fighting in the Middle East. Oil production has been hampered in several countries, and deliveries through the Strait of Hormuz through which roughly 20% of oil exports typically sail are somewhere between dangerous and impossible at present."
"Around a month ago, diesel prices per liter were almost 20% lower than they were on Wednesday, with petroleum just over 15% lower. Wednesday morning's figures are still not quite as high as the monthly average for March 2022, in the panic immediately after Russia's invasion of Ukraine, but are less than 15 cents per liter shy of that level."
"ADAC also warned of likely queues as people sought to fill up, anticipating further increases. Drivers who want to fill up should account for longer waiting times."
Diesel prices in Germany surpassed 2 euros per liter on Wednesday morning, reaching approximately $7.50 per US gallon, while gasoline remained just below the 2 euro mark. Sharp price increases occurred throughout the week following Saturday's strikes on Iran and subsequent Middle East conflict, which disrupted oil production and threatened deliveries through the Strait of Hormuz, a critical shipping route for roughly 20% of global oil exports. Prices have risen approximately 20% for diesel and 15% for gasoline compared to a month earlier. Current levels approach the panic pricing seen in March 2022 after Russia's invasion of Ukraine, though remain slightly lower. The ADAC motoring club warned of anticipated queues at filling stations as drivers rushed to refuel ahead of further expected increases.
Read at www.dw.com
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