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Turkey’s inflation cools to 31.5% in August
3 hours ago
Petrol prices reached record highs in Germany and the Netherlands, and European natural gas futures touched a three-year peak, as a renewed escalation in the Iran-US war pushed oil prices up, according to figures published on September 2.
The records show how a conflict fought in the Gulf is now landing directly on European household budgets. About a fifth of the world's oil and gas moved through the Strait of Hormuz before the war, and with almost no tankers now passing through it, the lost supply has fed through crude markets to the pump across the continent. Brent has traded near $91 a barrel in recent sessions.
In Germany, the average price of a litre of Super E10 reached a nominal record of €2.215, the automobile club ADAC said, surpassing the previous high of €2.203 set in March 2022 after Russia's invasion of Ukraine. ADAC noted the figure was only a nominal record, as inflation-adjusted prices had been higher in the past, citing 2012.
In the Netherlands, a litre of Euro95 hit a record €2.666 on September 2, according to the consumer platform UnitedConsumers, nearly three cents more than the day before. Diesel rose to €2.633, though still below the April 8 record of €2.819. The figures are recommended prices typically charged only at motorway stations, with fuel often cheaper elsewhere.
European natural gas futures hit a three-year high and oil futures moved closer to $100 a barrel as the renewed fighting threatened Gulf energy supplies, Bloomberg reported, warning of pressure heading into winter.
Higher prices have lifted oil company earnings, with Shell posting its strongest quarterly profit since early 2023. Research by Dutch motoring group ANWB found many motorists were cutting back on restaurant visits and holidays to cover fuel costs, with almost a quarter saying they were significantly affected.
Diesel has been hit harder than petrol across Europe through the war, given its tighter link to global trade and freight. In Germany, low water levels on the Rhine have compounded the pressure by limiting barge shipping and raising freight costs.
The war began on February 28, when the US and Israel struck Iran, after which Iran closed the Strait of Hormuz. US Central Command said it struck IRGC targets in Iran on September 1.
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