Oil prices are according to their rapid increase on Sunday evening decreased significantly. Previously, US President Donald Trump Statements in interviews raised hopes that the war with Iran would end soon. The price of Brent crude oil fell to $89.20. On Monday night, fears of oil shortages pushed the price up to more than $120. Now crude oil is even slightly cheaper than on Friday.
The US broadcaster CBS News quoted Trump after a telephone interview as saying: “I think the war is almost over. They have no navy, no communications systems, they have no air force.” The war is progressing “well ahead of schedule”. Oil prices then fell significantly. With a view to the Strait of Hormuz – one currently through the Iran largely blocked bottleneck in global oil and gas trading – Trump said he was considering taking over, according to CBS News.
Stock market prices rise
The mood on the US stock exchanges changed. The leading index Dow Jones Industrial ultimately rose by 0.50 percent to 47,740.80 points. In early trading, prices had fallen to their lowest level since the end of November. The Asian stock markets also reacted positively. The Japanese leading index Nikkei 225 rose by around three percent at the start. South Korea’s leading index Kospi started the trading day with a gain of 5.5 percent after a significant loss of 6 percent on Monday.
The war has effectively brought the transport of energy raw materials from the producing regions of the Persian Gulf through the important Strait of Hormuz to a standstill. The energy markets have been severely affected by the war in the Middle East. Fuel prices at German gas stations rose to more than two euros per liter at times.
Report on G7 plans ensures relaxation
The war has its consequences for the Oil price Fears of setbacks in economic growth fueled. There was relaxation on Monday a reportaccording to which the group of seven leading western industrialized countries (G7) is considering using their national oil reserves to slow the price increase on the oil market. According to French Finance Minister Roland Lescure, a decision has not yet been made.
Economies release their strategic oil reserves in crisis situations in order to stabilize the oil market or react to supply bottlenecks. This remedy is rarely used. In Germany, strategic oil reserves have been released four times so far – each time on the basis of joint resolutions by the member states of the International Energy Agency.
Meanwhile, Federal Finance Minister Lars Klingbeil (SPD) is accusing the oil companies of price gouging at gas stations and wants one quick action by the federal government. Fuel prices rose significantly again in Germany on Monday. The price of gas also continued to rise steeply.