John Whelan: As Ireland's oil imports continue to grow, falling prices ease the pain

The oil prices in euro terms are also lower as the US dollar has fallen in value since Trump’s inauguration

The European Commission’s Spring Economic Report forecasts crude oil prices to continue to fall throughout the current year and into next year with Brent crude oil prices averaging $59 (€50.10) per barrel.

The calm after the storm of US airstrikes on Iran, has taken many by surprise, in particular the oil market producers. 

But, there is the continued worry that this may only be a lull, in which Tehran considers their options for retaliation.