Diesel passes €2 per litre in Germany due to war in Iran

The price of diesel in Germany has climbed to more than €2 ($2.32) per litre as a result of the war in Iran, the ADAC automobile association said on Wednesday.

The group said the average cost of a litre of diesel nationwide at the morning peak of 7:15 am (0615 GMT) was €2.054.

Global markets have suffered significant losses in recent days following the US-Israeli attack on Iran on Saturday, which has sparked a wider regional conflict in the Middle East.

Oil and gas prices have surged after Tehran restricted shipping through the Strait of Hormuz, a key chokepoint for global energy trade.

Around one-fifth of the world's daily oil shipments pass through the strait between Iran and Oman.

US President Donald Trump said on Tuesday he intends to secure shipping traffic in the Strait of Hormuz with the US Navy if necessary.

The price of crude oil, together with the dollar exchange rate, is the most important driver of changes in fuel prices.

The Fuels and Energy trade association also pointed out that the Middle East is currently failing to deliver some of its finished fuel supplies, particularly diesel.

However, there is no need to fear supply bottlenecks for petrol and diesel nor for heating oil or aviation fuel, according to the latest reports.

Germany sources its crude oil from around 30 countries. The main suppliers are Norway, the US, Libya, Kazakhstan and the United Kingdom.

Petrol of the E10 variety also rose significantly, costing an average of €1.995 per litre at the morning peak across Germany.

Diesel and petrol prices are usually higher in the morning and can drop up to 10 cents by the evening.

The daily average diesel price last passed the €2 mark in September 2022.