Iran-Israel Conflict: Price Increase Noticeable at Austrian Gas Stations

She has spoken with US President Donald Trump about the issue and is ready to coordinate with like-minded partners to ensure market stability, said EU Commission President Ursula von der Leyen before a summit meeting of the G7 group of democratic industrial powers in Canada.

They are very vigilant about the impact of the conflict on international energy markets. Von der Leyen did not specify which measures are being considered against large price fluctuations. Theoretically, strategic oil reserves could be released or talks with major oil-exporting countries could be sought.

Prices for fuel and heating oil have already risen

At gas stations in Europe, the effects of the war between Israel and Iran have already been felt in recent days. According to the mobility club ÖAMTC, a price increase of 3 to 5 cents has been noticeable in Austria since the beginning of the attacks. Heating oil prices have also risen. The background to these developments includes reports from Iran that Israel has also attacked large oil and gas fields in the country during its assaults.

Iran-Israel conflict: Economic impacts not yet assessable

The President of the German Bundesbank, Joachim Nagel, warned on Monday of possible negative economic consequences due to the war between Israel and Iran. "If there is a prolonged, severe conflict, oil prices could rise significantly," he said according to a manuscript during a speech at the "Euro Finance Summit" in Frankfurt. The economic outlook could then change noticeably - "in terms of the economy as well as prices." It is still difficult to assess how the situation in the Middle East will develop. Therefore, the economic impacts cannot yet be concretely assessed, said Nagel.

On Monday morning, a barrel (159 liters) of Brent crude oil for delivery in August cost 74.93 US dollars (65.09 euros), 72 cents more than on Friday. The price for a barrel of the US variety WTI for delivery in July rose by 89 cents to 73.87 dollars. During the night, the Brent price initially approached its high from Friday at just over 78 dollars, when it had temporarily jumped by around 8 dollars to 78.50 dollars following Israel's attack on Iran's nuclear and military facilities.

(APA/Red)

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