The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies.
Brent crude, the international benchmark for oil prices, rose 2.7% to about $100.6 after tensions increased in the Gulf amid the latest tit-for-tat exchange of fire between the US and Iran.
UK and mainland Europe gas prices also soared on Wednesday. The benchmark Dutch gas contract rose by almost 4% to €78.73 a megawatt hour, the highest since January 2023. Meanwhile, the British contract rose by 7.77p to 196.57p a therm, the highest since December 2022.
I recently had to dip into California on a road trip. Diesel fuel was $8.50 a gallon.
How cargo transport is going to survive at that price level I have no idea.
It’s roughly 2,30 euro a litre in Germany… So $2.66 per litre or roughly 10 bucks per gallon.