Oil tanker STI Hammersmith, accomanied by tug boats passing through the mouth of Cork harbour before docking at Whitegate refinery. \ Donal O' Leary
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Savings from the new €100m fuel support scheme for farmers and contractors, which is worth around 20c/l, coupled with the 2.4c/l cut in excise, could soon be wiped out by further rises in commodity prices on global markets.
The announcement of peace talks between the US and Iran last week saw oil drop close to $90 (€77) a barrel. However, the failure of those talks in Pakistan over the weekend, coupled with President Trump’s announcement of a naval blockade of the Strait of Hormuz, has seen oil and gas prices move higher again on Monday. Oil was at $103 (€88) a barrel by mid-morning, with gas in Europe 9.5% higher and bulk diesel gaining 11%.
While the two-week ceasefire which was agreed last week is still holding, both sides in the conflict seem to be a long way from re-starting peace talks.
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The blockade of the strait is scheduled to begin at 3.00pm on Monday, Irish time. Iran has threatened to strike ports in the region in response to the US action.
The Financial Times, meanwhile, is reporting that oil for delivery from the North Sea has hit a record high price of almost $147 (€125.80) a barrel as European and Asian refineries struggle to secure supply.
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Savings from the new €100m fuel support scheme for farmers and contractors, which is worth around 20c/l, coupled with the 2.4c/l cut in excise, could soon be wiped out by further rises in commodity prices on global markets.
The announcement of peace talks between the US and Iran last week saw oil drop close to $90 (€77) a barrel. However, the failure of those talks in Pakistan over the weekend, coupled with President Trump’s announcement of a naval blockade of the Strait of Hormuz, has seen oil and gas prices move higher again on Monday. Oil was at $103 (€88) a barrel by mid-morning, with gas in Europe 9.5% higher and bulk diesel gaining 11%.
While the two-week ceasefire which was agreed last week is still holding, both sides in the conflict seem to be a long way from re-starting peace talks.
The blockade of the strait is scheduled to begin at 3.00pm on Monday, Irish time. Iran has threatened to strike ports in the region in response to the US action.
The Financial Times, meanwhile, is reporting that oil for delivery from the North Sea has hit a record high price of almost $147 (€125.80) a barrel as European and Asian refineries struggle to secure supply.
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