A lot depends, he says, on how individual industries have insulated themselves or hedged against rising energy prices. Second round effectsThe main component of this fresh inflation shock will obviously be accounted for by fuel prices for motorists, but it is likely to be much deeper than that. Before the US-Israel attack on Iran, oil prices were hovering at about $70 a barrel. The Australian oil producers organisation claims that nearly all pesticides and fertilisers are made from oil or oil byproducts. Reading Trump’s intentions is proving next to impossible and oil prices have whipsawed back and forth in response to his public pronouncements.

Source: The Irish Times April 03, 2026 06:27 UTC