Photo: APThe war being waged by the US and Israel against Iran continues to cause turmoil for global stocks and commodities. Some respite earlier in the week when US president Donald Trump signalled the war would end “every soon” was short-lived. Oil prices had retreated on the back of his comments and a move by the International Energy Agency member states to release emergency reserves. Oil prices remain more than a third higher than when the United States and Israel launched strikes on Iran two weeks ago. With Iran stepping up attacks across the Middle East as its new supreme leader Mojtaba Khamenei vowed to keep the Strait of Hormuz shipping lane closed, investors are bracing for a prolonged conflict and higher oil prices.

Source: Irish Independent March 14, 2026 11:34 UTC