Northern Ireland Home Heating Oil Prices Soar Amid US-Iran Tensions

The price of home heating oil in Northern Ireland has jumped £98.78 (29%) over just three weeks, from an average cost of £346.59 to £445.37 for 500 litres.

This surge is attributed to the escalation of fighting between the US and Iran, which has disrupted key oil-producing and shipping routes.

Consumer Council for Northern Ireland (CCNI) figures show that prices have been rising steadily since they peaked at £612.37 in April, with recent price movements trending downwards until the end of June.

However, since early July, oil prices have been 'creeping upwards' again, and CCNI's head of energy policy Raymond Gormley believes they will remain high until peace negotiations between the US and Iran resume.