As well as the spread of the conflict, its duration will be the vital determinant of the extent of the economic impact. Oil and gas prices have risen as a result and share and bond markets are nervous. The economic cost is very much a secondary concern to the huge human cost of the spreading war. Higher oil prices will hit at the petrol pumps and on home heating bills, even if there is no justification for companies which have jumped the gun by implementing significant increases already. In turn, this would add to the political debate about supports for households facing higher energy costs.

Source: The Irish Times March 03, 2026 23:35 UTC