Oil prices have risen above $100 a barrel for the first time since 2014, while stock markets have slumped and the rouble has hit a record low after Russian President Vladimir Putin launched a military invasion of Ukraine.
As of 12.30pm on Thursday, Brent crude was $104.71 a barrel and West Texas Intermediate (WTI) was $99.33.
The price of gold has also rallied as investors, worried about the possible impact of the conflict, seek safer investments.
Russia is the second-biggest exporter of crude oil, and the world’s largest natural gas exporter.
There is a 10-day lag in crude oil price increases reflected in the cost of fuel at Irish filling stations, but Irish motorists can expect increases in the coming weeks. It comes at a time when supply problems are already pushing up prices.
Home heating and electricity bills are also likely to be impacted.
