Heating oil, holidays and pensions are just some of the issues consumers now need to weigh up
The conflict will have consequences in Ireland
Irish consumers could experience a cost-of-living spike for the second time in four years if the effective closure of the Strait of Hormuz — the world’s most vital oil export route — persists and an oil shock further drives up the price of food, energy bills and mortgage interest rates, experts have warned.
Fears of another war-driven bout of inflation were stoked in recent days, when oil and gas prices soared as US and Israeli attacks on Iran intensified. Iran retaliated with strikes on US bases in Gulf countries and some of the biggest oil and liquefied natural gas (LNG) plants on the planet were targeted.