Oil prices rose exceptionally sharply at the beginning of the week.

Commerzbank speaks of a "price explosion".

Shortly after the start of trading, the price of the North Sea variety Brent jumped to $139 per barrel (159 liter barrel) and thus reached the highest level since July 2008. The price of gas oil, which is required for the production of diesel and heating oil, rose at its peak to $1,370 per ton, surpassing the previous record high from 2008.

Christian Siedenbiedel

Editor in Business.

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The prices for petrol and diesel at filling stations in Germany also reached records: In many cities, petrol and diesel now cost more than 2 euros per liter, according to ADAC the national average is “very slightly below” – at 1.984 euros per liter of diesel and 1.965 euros euros for petrol.

Since Friday evening, diesel has also been more expensive than petrol at most gas stations.

The price of heating oil has also reached a record.

100 liters cost 175.71 euros for the first time, as reported by the internet portal Heizoel24, to which 500 oil dealers report their prices.

At the turn of the year, the price was around 80 euros.

In view of the sharp rise in oil prices and the escalating war in Ukraine, the price slide on the stock exchanges continued.

The Dax lost 5 percent at the start of trading and temporarily fell to 12,450 points before a certain countermovement began.

Since the beginning of Russia's invasion of Ukraine a week and a half ago, the price losses have already totaled almost 14 percent or almost 2000 points.

At 2,000 dollars, the price of the crisis currency gold temporarily reached its highest level since summer 2020 - calculated in euros, gold even reached a new all-time high of 1,851.15 euros.

So what does all this mean for investors?

Does it make sense to sell oil-related securities as quickly as possible because the price will not be as high as it is now?

Or, conversely, does it make sense to invest in oil right now because the war and the tense situation on the oil market will continue to drive up the price?

Oil price near 200 dollars?

There is no lack of forecasts that the oil price could also reach completely different heights.

Chris Wheaton, an analyst at investment bank Stifel, says a complete ban on Russian oil imports to the West could push the price further: "The price of freedom is $200 a barrel of crude oil - that's what it could cost if the world didn't have Russian oil wants to use more.” Many analysts, however, were surprised by the rise in oil prices – only recently a forecast of 120 dollars was considered a bleak worst-case scenario.

Investing in oil stocks is still attractive, says Christian Kahler, chief investment strategist at DZ Bank.

He wouldn't sell oil stocks now, on the contrary.

"If the spiral of escalation continues, we will also stick to our positioning," said Reinhard Pfingsten, chief investment strategist at Bethmann Bank.