Photograph: Abeer Khan/BloombergIran’s tactic in the Middle East conflict has been to weaponise oil and gas. And, judging from the spike in energy prices, this has not been unsuccessful. The strategy reflects two things: its inferior position militarily and Trump’s sensitivity to higher gasoline prices. A key plank of Iran’s defence appears to involve disrupting tanker traffic through the Strait of Hormuz. This doesn’t bode well for Ireland, which has an out-sized reliance on imported natural gas, meaning households here could soon be feeling the pinch from a second global energy price shock in four years.

Source: The Irish Times March 05, 2026 13:20 UTC