Summary
Heating oil prices in Northern Ireland have increased by over £100 in just one week due to a conflict in the Middle East. The rise in global oil prices occurred after Iran launched attacks in response to US and Israeli actions.
Key Facts
- Heating oil prices in Northern Ireland have increased by over £100 in less than a week.
- The rise is linked to a conflict in the Middle East with actions from Iran, the US, and Israel.
- On February 26, 500 liters of heating oil cost about £307.38, but this increased to as much as £425 at some providers.
- Almost 63% of homes in Northern Ireland use oil for heating, the highest in the UK.
- Crude oil prices, measured by Brent crude, increased by 10% to over $82 a barrel.
- Natural gas prices have surged by up to 25% due to the conflict.
- The Consumer Council NI is monitoring the situation but describes prices as unpredictable.
