Oil price shock threatens: What does that mean for Austria's driver?

Oil price shock threatens: What does that mean for Austria's driver?

Naher Osten, Irak - The current tensions between Iran and Israel have alarming effects on global energy markets. Experts warn that a military escalation could lead to interruptions of the supply chains, which could strongly influence the oil transport costs and thus also the gasoline prices. The nervousness in the markets has increased significantly, especially in view of the risk of supply bottlenecks, since Iran is an important crude oil exporter. According to Exxpress , a price increase for drivers and companies in Austria is already feared.

In the past few days, the situation has worsened after Israel attacked Iran and occurred counterattacks. These fighting even lasted at the weekend. The oil price temporarily rose by almost 15 percent before it closed on Friday with an increase of almost seven percent. The listings for Brent and WTI were at 75.18 and $ 73.18 per barrel. This has been the highest price for months, as the Süddeutsche Zeitung reports.

global trade risks

The escalating conflicts could significantly impair oil prices, but also the trade. The Association of German Reeder (VDR) warns of dangers for central maritime traffic arteries such as the street of Hormus and the Red Sea. The Huthi-Miliz in particular has committed attacks on ships since the conflict broke out, which leads to larger detours for shipping companies. While shares of shipping companies are increasing in the course, airlines are polluted by the escalating situation because they have to adjust or redirect their flights to the region.

The Lufthansa has already stopped all flights from and to Tel Aviv and Tehran. Austria's economic recovery could also be endangered by the increasing energy prices. The Austrian National Bank had predicted slight economic growth in 2025, but there are considerable uncertainties regarding the load -bearing capacity of this growth.

market developments and geopolitical tensions

There is a steamed mood on the oil market in view of the geopolitical tensions. The analysts see the oil prices influenced by various factors, including the weak economic data from China and the uncertainty about the future US interest rate decision. Positive things from China, such as the rising industrial winnings in June, are overshadowed by concerns about the entire economic growth. At the same time, the Opec and its allies are preparing for an online monitoring meeting, while unanswered questions about possible production increases are in the room.

In the meantime, market participants carefully observe the development of crude oil prices that have increased slightly this year thanks to the offer discipline of the Opec+. But the global demand questions and geopolitical tensions, such as the intensified situation in Venezuela, in which the USA imposed sanctions against the oil industry, the markets could continue to put pressure on. These geopolitical risks are of enormous importance for the stability of global oil prices, such as the FinMagazin