Oil had been recognised as a strategic commodity ever since World War I. The funnel for the world’s energy supplies is closed. The embargo was lifted but the higher oil prices remained. The oil crisis shook the global energy market. The economic spiral from a disruption to finely tuned oil supplies is clear: the price of oil goes up, costs across the economy go up, causing higher prices inflation, with the potential for lost growth, job losses and unemployment.

Source: Irish Independent March 09, 2026 05:33 UTC