The energy crisis triggered by the conflict in the Middle East carries a strong sense of deja vu.
United States-Israeli attacks on Iran and subsequent counterattacks across the Gulf have sent energy prices soaring. Shipping through the Strait of Hormuz, a stretch of water through which about one fifth of the world’s oil supply typically transits, has almost ground to a halt. Qatar shut off production at a big liquefied natural gas (LNG) refinery, and toxic rain fell on Tehran after the bombing of its oil reserves.
The price of oil rose above $100 a barrel for a time this week, and gas prices jumped sharply. This is already causing hardship for households reliant on heating oil, petrol and diesel. Inflation will almost certainly follow.
A conflict thousands of kilometres away is once again being felt in household fuel bills. Countries like Ireland that are heavily reliant on fossil fuels will bear the greatest burden.
The situation echoes Russia’s invasion of Ukraine, which triggered an energy crisis and in
Continue Reading on The Irish Times
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.