Ending Iran War key to Curb Oil Prices: German Chancellor

BERLIN: Facing the harsh reality, German Chancellor Friedrich Merz said on Wednesday that ending the ongoing conflict between the US, Israel and Iran is the only real solution to curb the surging oil prices. "We cannot offset every price increase through tax measures or measures from the federal budget," Merz told lawmakers during a parliamentary session.

"The best way to bring prices back under control is to end the war in Iran. And the government is doing everything in its power to achieve this as quickly as possible,” he added.

The chancellor emphasised that he has raised Berlin's concerns about the war and its risks to the global economy repeatedly in recent calls with US President Donald Trump.

"I am coordinating closely with my colleagues in the European Union and also with the UK, Norway, and many others," said Merz. "We are trying to do everything we can to persuade the US and Israel to seek a diplomatic solution to this war."

The chancellor acknowledged that ending hostilities requires a willingness from all sides, including Iran, something he said is not currently apparent.

 Meanwhile, German foreign minister said that the time has come for stepped-up diplomacy aimed at ending the ongoing war in Iran.

“I think we’re at a stage where we’ll certainly be discussing more concrete negotiations. We’ll have to wait and see what comes of the (Iran-US) talks in Pakistan – talks in which we are not participating, but which are evidently taking place and which are certainly welcome, said German Foreign Minister Johann Wadephul at a joint press briefing with his Tunisian counterpart Mohamed Ali Nafti.

“Even though everyone naturally wishes that all fighting would stop tomorrow – or even today – we still need to proceed in a very coordinated and cautious manner in this situation,” he added.

Wadehul said that he plans to talk to US Secretary of State Marco Rubio ahead of the G7 meeting in Paris. “I think the talks in Paris can now give us a good idea of where we stand and what options are available. In any case, Germany is doing everything it can to help resolve this conflict,” he added.

Hostilities have escalated since US and Israeli strikes on Iran began on February 28, with Tehran retaliating with repeated drone and missile strikes targeting Israel and Gulf countries hosting US military assets.