23/01/2012

Iran Embargo Could Hit Oil Price – Tanaiste

The Taniaste has said the embargo on the newly introduced embargo on Iran could hit fuel prices here.

EU foreign ministers agreed to an embargo on Monday afternoon in an effort to pressurize the country into cancelling its nuclear programme.

Oil prices rose to $111 on Monday afternoon after EU foreign ministers agreed to the ban of imports of Iranian oil from the start of July.

The ban has been met with further threats from the Iranian Government to close key shipping channel, the Strait of Hormuz, which will significantly choke off much of the western world's oil supply.

Mr Gilmore said there was no doubt that the embargo would have an impact on oil prices, but it was difficult to quantify just how much petrol, diesel and home heating oil would increase by.

"While this is clearly an issue for consumers, the expected price increase has to be weighed against the seriousness of the problem of Iran's nuclear programme."

(DW)

Related Irish News Stories
Click here for the latest headlines.

21 March 2024
Taoiseach Leo Varadkar Announces Resignation
Ireland's Taoiseach, Leo Varadkar, has announced that he will stand down as prime minister with immediate effect and leader of Fine Gael as soon as his successor is selected.
14 March 2024
Ministers Praise Critical Work Of Ireland Funds
The First Minister and deputy First Minister have praised the work of Ireland Funds, highlighting its critical role in promoting and supporting peace. Michelle O'Neill and Emma Little-Pengelly, speaking at the Ireland Funds Gala in Washington, welcomed the positive and real impact made across society by the philanthropic body.