Photograph: AFP via Getty ImagesThe global economy is not as exposed to higher oil prices as it was in the 1970s, when events in the Middle East twice tipped the world into recession. But the latest increase in oil – and gas – prices is still a threat to the global economy and particularly to a small energy importing economy like Ireland. This will determine the level of disruption to global oil and gas supplies and the extent of wider consequences to shipping, travel and international confidence. The comments led energy prices to fall sharply lower, with oil falling back below $90 a barrel in a day of extraordinary volatility. Energy prices had reached a level which would cause economic problems .

Source: The Irish Times March 09, 2026 23:46 UTC