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Prices for home heating oil have spiked in Northern Ireland amid the conflict in the Middle East – with some more than \u00a3100 more expensive than last week.<\/p>\n
Global oil prices have risen after Iran launched strikes across the Middle East<\/a> in response to ongoing attacks by the US and Israel.<\/p>\n On 26 February, the average price of 500 litres of home heating oil in Northern Ireland was \u00a3307.38<\/a>, according to the Consumer Council NI (CCNI).<\/p>\n However, the price for the same amount from one provider in County Armagh was \u00a3395 on Monday. Another provider in County Down was selling 500 litres for \u00a3425.<\/p>\n Almost two-thirds of homes (62.5%) in Northern Ireland use oil for heating, the highest proportion of the UK nations.<\/p>\n The CCNI said crude oil prices are “rising and remain unpredictable in the short term” due to the conflict but they are monitoring the situation.<\/p>\n On Monday, Brent crude, the global benchmark for oil prices, jumped by 10% to touch more than $82 a barrel after at least three ships were attacked near the Strait of Hormuz at the weekend<\/a>. Natural gas prices also surged by as much as 25%.<\/p>\n Iran warned vessels not to pass through the crucial waterway in the south of the country, through which about 20% of the world’s oil and gas is shipped.<\/p>\n BBC News NI also spoke to people in Belfast city centre about the impact rising oil prices will have on their lives.<\/p>\n Ben Turner said the public has accepted “various different costs for a long time” and this is another rise “you have to stomach”.<\/p>\n‘One more thing to stomach’<\/h2>\n