Almost instantly, the price of oil had risen from $3 a barrel to nearly $12 all over the world. The economic effects were crippling, and fuel rations were put in place in some parts of the US. Technically, Europe may be the one left paying the price for the US president’s bullish war – as this continent is far more reliant on exports from the Middle East than the United States is. In her analysis, Michael Jansen asks – three weeks in – who is actually winning this war? Minister for Energy Darragh O’Brien said “we will bring forward supports next week for households and for businesses in a targeted, structured and sustainable way”.

Source: The Irish Times March 19, 2026 14:28 UTC