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Tue, 03 Mar 2026

Tue, 03 Mar 2026 Heating oil prices rise by more than £100 amid Middle East conflict

Global oil prices spike after Iran launched strikes across the Middle East in response to attacks by the US and Israel.

* Average price of 500 litres of home heating oil in Northern Ireland was £307.38 on February 26, but has now risen to over £400.
* Prices have increased by more than £100 for some providers in a week, with one provider in County Armagh selling 500 litres for £395 and another in County Down for £425.
* Almost two-thirds of homes in Northern Ireland use oil for heating, the highest proportion in the UK nations.
* The Consumer Council NI said crude oil prices are "rising and remain unpredictable in the short term" due to the conflict.
* Brent crude oil price jumped by 10% on Monday to over $82 a barrel after attacks near the Strait of Hormuz.
* Natural gas prices surged by up to 25%.
* Households are being urged to shop around for better deals, with some providers offering pre-payment schemes and fuel stamps to help budget and spread costs.