Despite efforts to direct anger at the Government, soaring fuel prices are a symptom of a global energy shock whose full economic consequences we have barely started to feel. The war in Iran led to the closure of the strait, through which about 20% of the world's oil supply once passed, triggering the largest crude oil supply disruption in history. Oil prices plunged on the initial announcement, but within hours, the deal was faltering. The global economy must still contend with follow-on inflation as elevated fuel prices work their way down the supply chain. Every business in Ireland is impacted by fuel price rises.

Source: Irish Examiner April 10, 2026 05:30 UTC