Oil price drop promises inflation relief but Gazprom warning pushes gas higher

The state-owned Russian company has warned its current prices could jump by almost 60% this winter

The price drop in crude should be reflected at Irish filling stations in about two weeks. Picture: Liam McBurney/PA

Global crude oil prices fell sharply, bringing hope to Irish consumers and businesses amid the inflation crisis, but European gas prices remained at record levels as Russia’s Gazprom warned about the prospects of even higher prices this winter.

The price of Brent crude fell over 2% to $92.80 a barrel yesterday, to its lowest since before Russia’s invasion of Ukraine, as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports.