High Fuel Prices - Hagel Criticizes Oil Giants - Germany's fuel crisis deepens as oil prices surge after Iran strikes
Fuel prices in Germany have climbed to two euros per litre, hitting drivers hard. The surge follows recent airstrikes on Iran by Israel and the US, which sent global oil prices soaring. Politicians are now calling for action as voters prepare for the Baden-Württemberg election.
Oil prices spiked sharply after US and Israeli strikes on Iran on 28 February 2026. Brent crude jumped 7-10% to $80-83 per barrel—the highest since mid-2024—and kept rising for a third day. Analysts warn prices could reach $100-130 if tensions escalate further. Key risks include disruptions to Iranian oil (4% of seaborne trade) and potential closures of the Strait of Hormuz, a critical shipping route.
In Germany, petrol costs have now hit two euros per litre. CDU lead candidate Manuel Hagel blamed multinational oil firms for exploiting the crisis. He has pushed for a Federal Cartel Office review of pricing practices, though its powers may be limited.
The issue has become a talking point in Baden-Württemberg's election campaign. Polls show the CDU and Greens tied at 28%, but Hagel remains confident. He argues that rising fuel costs could sway voters towards his party's policies.
The fuel price crisis is now a central issue in the Baden-Württemberg race. With oil markets volatile and petrol costs at record highs, the election outcome may hinge on how parties address the economic fallout. The Cartel Office's investigation, if launched, could take months to yield results.
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