He pointed to a “massive spike” in oil prices, followed by a “very significant reduction” after US president Donald Trump said he believed the conflict was close to an end. Mr Harris said oil prices were “still high” and “still elevated”, but the final landing zone would have a “very significant bearing” on what governments may need to do. “Some countries have decided to go ahead and do short-term measures – all countries are somewhat different as well. “If that ends in days that has a positive impact on oil prices very, very quickly. The European Union has been phasing out its use of Russian gas and oil following the country’s 2022 invasion of Ukraine.

Source: The Herald March 10, 2026 16:46 UTC