Iran War Drives Up Oil and Gas Prices, Raising Fuel and Heating Costs in Germany

Oil and gas prices have surged due to the Iran war, driving up costs for fuel and heating, impacting both businesses and consumers. The price of Brent crude oil has climbed to nearly $100 per barrel, while European natural gas prices have spiked. The escalation in the Iran conflict has pushed fuel prices to record highs in Germany, with Super E10 gasoline reaching 2.215 euros per liter, surpassing the previous 2022 record. Heating oil costs have also risen to nearly 150 euros per 100 liters, and gas prices for new customers are around 11 cents per kilowatt-hour. The energy price surge is fueling inflation, which hit 2.9 percent in August, exceeding the European Central Bank's target. This pressure is expected to lead to an interest rate hike at the next ECB meeting, making loans more expensive.