The Iran war is “as good as over” – at least according to US President Donald Trump. Late Monday evening (March 9) in Florida, he announced that Operation Epic Rage was going better than expected; the USA is even ahead of schedule. The markets react immediately – and Oil prices, which had previously risen to record levels, are collapsing.

Filling up for over 2.50 euros – then the price of oil collapses

On Tuesday morning, the price of West Texas Intermediate (WTI) crude oil fell by 8.8 percent to 86.5 US dollars (equivalent to 74.2 euros), which the Americans are happy about, but not the Europeans. Because Brent crude oil rose in price by around two percent to around 92 US dollars (79 euros). Both types of oil had previously climbed to record prices of over $100.

These high prices quickly became noticeable at German gas stations. The gas station interest group (TVI) had just warned n-tv: “I fear that the oil companies will immediately pass on the high oil prices and increase fuel prices even more.” The Association feared fuel prices would exceed 2.50 euros per liter.

Germany suffered the largest price increase at gas stations in Europe. The sharp drop in oil prices could trigger a backward movement.

“Intense price competition” at gas stations

The big but: It depends on more than just the price of crude oil. According to the Fuels and Energy trade association, product prices for fuels such as gasoline and diesel are crucial. These are also traded on stock exchanges and depend on the supply and demand situation for gasoline and diesel on the global market.

However, these are still climbing in price. Börse.de shows an increase of 6.4 percent for diesel on Tuesday morning, and an increase of 2.3 percent for gasoline. The association explains that the rapid increases in prices are due to the fact that fuel prices are calculated based on current daily purchase prices.

“There is still intense price competition on the German gas station market,” says an Aral spokesman to FOCUS online. The company is closely monitoring the current geopolitical situation, but does not want to comment on the extent to which falling oil prices are contributing to the recovery.

Oil production drastically reduced

Ultimately, Trump’s statements have not changed the basic conditions. The Strait of Hormuz still blocked. Major oil producing countries have drastically reduced their oil production. “Bloomberg” cites, for example, Saudi Arabia, which has reduced its output by up to 2.5 million barrels per day (1 barrel equals 159 liters), the United Arab Emirates (minus 0.8 million barrels per day) and Iraq (minus 2.9 million barrels per day).

A significant change would only be expected if the fundamental disruptive factors disappear.