The escalation of the war in Iran is now having further consequences for the oil market. This follows reports that Iran has fired missiles at American warships in retaliation for the US destroying five Iranian oil tankers.
This is the third time this year that the oil price has passed the $100 mark, and the price of Brent crude has surged 60 percent since the start of the year.
Although it is still a long way from the April level, when a barrel of oil cost $126, there has been a significant change in recent weeks. In addition to developments in the Middle East, Chinese oil imports have also increased, putting pressure on prices.
Rising oil prices have also contributed to diesel prices recently reaching a new record level in the US, something that not only has consequences for private motorists but primarily for the transport industry and the agricultural sector, where trucks and agricultural machinery are powered by diesel.
In Europe, the price of fossil gas has risen to an annual high, which could have a major impact on the energy market in the fall and winter.
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