Oil prices rise to highest level since May due to escalation in the Iran war

The price of oil has risen again and has reached its highest level since May. A barrel of North Sea Brent cost 108 US dollars (around 93 euros) on Thursday. The background to the high oil and fuel prices is the renewed escalation in the war between the USA and Iran over the Strait of Hormuz. Before the Iran War began in February, a barrel cost around $70.

The price is still well below the annual high of around $126, which was reached at the end of April. At that time, the start of the Iran war by the USA and Israel drove up the price sharply. From May it fell again. On Wednesday it exceeded the $100 mark again.

In the USA, according to the GasBuddy portal, the average diesel price has risen above the six dollar mark per gallon (1.36 euros per liter) for the first time. That's about $2.30 per gallon higher than last year's level. According to the EIA, US diesel stocks are around 13 percent below their five-year average.

Authorities report new attacks in the Strait of Hormuz

A high oil price influences the general price development. If the price of crude oil rises, refueling and heating with oil and gas tend to become more expensive. As the Federal Statistical Office announced on Thursday, high oil prices are also driving up inflation in Germany. At the beginning of the month, the price of gasoline in Germany rose to a record high.

The Strait of Hormuz has become the central point of contention between the US and Iran. Two ships were attacked in the strait again during the night, the British Maritime Safety Authority (UKMTO) announced. The incident occurred around seven kilometers west of the Omani town of Khasab.

There is still no sign of an easing of the situation because there is no sign of an end to the Iran war. US President Donald Trump recently announced that the increased oil prices would probably only fall again after the midterm elections.