Sharp rises in crude and gas likely to slow improving forecourt and energy utility bills

An oil tanker offloads a crude cargo in Whitegate Refinery, Co Cork. Picture: David Creedon

Crude oil and wholesale gas prices rose sharply in European markets on Monday, extending a recent trend that will likely slow an improving outlook for inflation.

European wholesale gas prices for immediate delivery jumped by over 6%, and futures contracts rose for gas deliveries through the rest of the year, on the prospects that demand from industry and households will increase this year. The price of gas rose to €28.66 per megawatt hour on European markets.