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Northern Ireland home heating oil prices jump £100 in three weeks
The average cost of 500 litres of home heating oil in Northern Ireland rose by nearly £100 in three weeks, driven by US-Iran tensions and Houthi attacks on Red Sea shipping.
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The average cost of 500 litres of home heating oil in Northern Ireland has risen by nearly £100 in three weeks, according to the Consumer Council for Northern Ireland.
CCNI figures show the price climbed from £346.59 to £445.37, a gain of £98.78 or 29%. A 300-litre delivery now costs an average £276.23, up from £216.44 on 2 July. For 900 litres, the price rose from £615.23 to £789.07, an increase of £173.84 since the start of the month.
Raymond Gormley, the CCNI's head of energy policy, said the jump reflects an escalation of fighting between the US and Iran. "Since July we have seen prices rise again in response to the escalation of fighting that has disrupted key oil-producing and shipping routes," he said.
Brent crude, the global benchmark, rose more than 6% on Thursday after several days of gains as the US stepped up military strikes against Iran. Prices had already spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a route Saudi Arabia uses to bypass the Strait of Hormuz.