Germany Cuts Fuel Taxes Amid Middle East War-Driven Price Hikes

Germany's government has agreed to cut fuel taxes for vehicles, according to sources close to the government. The measure aims to alleviate surging prices due to the ongoing Middle East war.

The proposed tax cut would run until the end of the year, after which a ceiling price on fuel sales would be implemented. This move comes as Europe's largest economy struggles with rising energy costs.

Saudi Arabia's national oil company Aramco has informed at least two European refineries that they will not receive oil shipments next month due to the war in the Middle East, according to a Bloomberg report.