Energy costs only to get worse as conflict continues, say experts
As crude oil price surges, there are fears gas and electricity costs will be hit too. Stock image
Electricity prices are expected to increase, with financial markets now pricing in two European Central Bank (ECB) interest rate rises by the end of the year, as the conflict in the Middle East shows no signs of ending.
Energy expert Dr Paul Deane, of UCC, said the economic chaos caused by the conflict would send home-heating oil and petrol and diesel prices even higher.
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