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Oil Prices Rise in NI as Middle East Conflict Escalates
Prices surged due to Middle East instability, with heating oil hitting a three-year high and European gas wholesale jumping 40%, driven by supply cuts and panic buying.
- On Monday, home heating oil suppliers in Northern Ireland hiked prices to nearly £420 for 500 litres, a 36% increase; 900 litres jumped over �100 since Friday, February 27.
- Amid the Middle East escalation, Israel and the US launched attacks and Iran retaliated, disrupting supply and Brent crude hit $78 per barrel on Monday.
- Households reported quotes rising from £636 for 1,100 litres last Thursday to £920 just days later, amid price concerns linked to Strait of Hormuz uncertainty.
- Alliance MLA David Honeyford urged Stormont ministers to prepare contingency plans if prices rise further and reiterated calls for regulation, while DUP MLA Paul Frew warned regulation would hurt consumers as the utility regulator expressed concern about price spikes.
- The global wholesale price of oil rose about 6% on Monday, and European wholesale market prices are back at levels seen 12 months ago, threatening recent domestic price cuts.
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12 Articles
12 Articles
Home heating oil prices jump 50% in less than three days…
Last week my parents were talking about ordering oil, so when the news hit about the American attacks on Iran, my first thought was to jump on the internet on Saturday morning and order them some oil. I’m glad I did. I managed to get them 500L for £297. Looking at the same website today, I noticed that 500L would now cost me £447, a 50% increase in only three days. Some of the increase is due to the price rise in oil, but a lot of it also seems …
Coverage Details
Total News Sources12
Leaning Left3Leaning Right0Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 43%
C 57%
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