Diesel prices rise above €2 a litre at some Irish forecourts

Diesel has moved back above €2 a litre at some Irish filling stations, a price level that previously helped trigger nationwide fuel protests, according to Fuels for Ireland.

The lobby group’s chief executive, Kevin McPartlan, said wholesale diesel prices had risen by 11 cents over the past week. Once VAT was included, the increase amounted to 14 cents.

The latest rise comes as oil prices approach six-week highs. Brent crude gained 1.3% to reach $97 a barrel after fresh US strikes on Iran and renewed Israeli threats against Tehran intensified concern about possible disruption to Middle East supplies.

Iran’s health minister said US strikes on Tuesday night killed eight people and wounded 108. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding near the coast of the Strait of Hormuz. The exchange marked the most substantial US-Iran fighting since July, with the war in its seventh month.

Shipping through the strait also weakened. Six commodity vessels crossed on Wednesday, compared with 11 the previous day and a 10-day average of about 13, according to preliminary data. UBS energy analyst Giovanni Staunovo said the oil market remained tight as global inventories continued to fall, with Middle East tensions providing additional support for prices. Iran has meanwhile added more vessels to a list of ships it considers non-compliant and potentially subject to fines, confiscation or detention if they attempt to transit the strait.

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The oil market remains tight, with oil inventories still declining globally translating in higher prices. Some support might have also come from ongoing tensions in the Middle East.