The German leading index is bracing itself against further rising oil prices in early trading on Thursday.
The DAX fell 0.26 percent to 23,577.82 points at the opening of main XETRA trading on the Frankfurt Stock Exchange on Thursday. Afterwards it holds its own and oscillates between plus and minus.
Rising oil prices are another burden
Oil prices rising sharply again set the recently stabilized DAX back significantly on Thursday. The previous low since the start of the Iran war was 22,927 points on Monday, the same level as May last year.
At the beginning of the week, real panic broke out on the energy market. The price for a barrel (159 liters) of North Sea Brent crude oil had risen to its highest level since 2022 at almost $120. After a temporary calming on the oil market with a fall below the $90 mark, Brent oil now costs around $100 per barrel again on Thursday morning.
Iran increases attacks on energy industry in the Gulf region
Iran is increasingly targeting the energy industry in the Gulf region. With the attacks, the government in Tehran wants to increase the costs of continuing the war. The US President has been promising an early end to the war for days. The regime in Tehran still appears to have at least sufficient capacity for painful precision strikes.
The energy market remains the tipping point for investors’ economic and inflation concerns in the wake of the war. An increase in the price of oil by $15 per barrel would increase the consumer price index Eurozone by 0.3 percentage points, RBC analyst Anke Reingen recently calculated.
DAX record last in January
On January 13th, the DAX reached an all-time high of 25,507.79 points, exceeding the 25,500 point threshold for the first time in its history. Ultimately, it ended the day at 25,420.66 points, which was a new record based on the closing price.
Editorial team finanzen.net / dpa-AFX
