Ireland's Cost-of-Living Crisis Worsens as Energy Prices Soar

The cost of living crisis in Ireland continues to worsen as energy and food prices surge. Oil prices have reached a six-week high, exceeding $100 per barrel, which will inevitably lead to higher diesel and petrol prices for motorists.

According to the source, before the US strikes on Iran at the end of February, a barrel of brent crude oil was trading around $70. It shot up to a high of $115 in May but has since fallen back slightly. However, there are concerns again about oil getting out of the Middle East, with only 2 million barrels per day currently passing through the Strait of Hormuz, compared to 20 million pre-war.

This spike will be particularly worrying for those using home-heating oil, which has already increased by €100 in the last week to over €1,530. For comparison, 1,000 litres of home-heating oil cost around €960 just seven months ago.