The war in the Middle East will have long-term implications for economies across Europe even if there is a quick resolution to the conflict, European Central Bank chief economist Philip Lane said. Dr Lane said that it was likely the situation in the Middle East will “shift to a calmer situation within a short amount of weeks”. CSO statisticians said energy prices jumped by 11pc in March, and were up by 12.3pc in the year to March. “These increases in energy prices may have been influenced by recent events in the Middle East. Motor fuel and heating oil prices have rocketed as a result of the Middle East conflict.

Source: Irish Independent March 31, 2026 11:18 UTC