This article examines the development of energy commodity prices since the beginning of the conflict in the Middle East in spring 2026, which led to substantial disruptions in international energy markets. In particular, crude oil and natural gas prices, as well as the HWWI Energy Price Index, increased markedly in the following weeks. Prices reached their highest levels in mid-March before easing as signs of de-escalation emerged and strategic oil reserves were released. In Germany, consumer prices have so far shown a more moderate increase. At the same time, energy prices developed considerably more dynamically than overall inflation. The strongest increases were observed for fuel and light heating oil prices.