Oil price: That's how vulnerable the German economy is

The price of oil is rising steeply and there is great concern that the price shock could stop the hint of recovery in Germany. How big is the danger really?

March 9, 2026, 8:45 p.m

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Article summary

Oil prices are rising above $100 a barrel as the Strait of Hormuz is blocked and concerns grow about a protracted Iran war. Europe and Germany are less affected than Asia because they get their oil from other regions. Nevertheless, rising energy prices will also have an impact here. The federal government fears that the mini-recovery is at risk due to the oil price shock and that the inflation rate will rise. Experts warn of possible economic losses, especially for the energy-intensive industry, but see the German economy overall as less vulnerable than in previous crises.

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The Energy Minister of the United States should normally have more important things to do than tracking the routes of individual oil tankers. And yet Chris Wright is apparently currently watching every ship that passes through the Strait of Hormuz. In an interview on Sunday evening with the US broadcaster CNN, he recounted how a “large tanker” about 24 hours ago passed through the Strait of Hormuz – the strait in the Gulf through which about a fifth of the world’s maritime oil trade passes. How exactly the tanker was able to pass the strait is unclear. In an interview with the New York Times an expert at ship data specialist firm Kpler suggested the ship could have ties to Iran.