"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."
Irish consumers could experience a second cost-of-living crisis within four years if the Strait of Hormuz remains effectively closed, disrupting global oil exports. Recent escalations between the US, Israel, and Iran have driven oil and gas prices higher, with attacks targeting major oil and liquefied natural gas facilities. This geopolitical tension threatens to trigger war-driven inflation, impacting multiple sectors including heating oil, food prices, energy bills, and mortgage interest rates. Experts warn that sustained disruptions to this critical oil export route could create widespread economic pressure on Irish households already recovering from previous inflationary periods.
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