Kieran Coughlan: Higher prices for oil and other farm inputs — what to expect in 2026

The perceived risks of the lack of availability of oil and disruption to shipping through the Strait of Hormuz are not actually major issues for Ireland

The perceived risks of the lack of availability of oil and disruption to shipping through the Strait of Hormuz are not actually major issues for Ireland.

The conflict in Iran and across the wider Middle East region risks escalating in a variety of ways that could ultimately have a significant impact on the way our businesses and homes operate. 

On world markets, crude oil prices are up, but not massively so. At the time of writing, crude prices are around $85 per barrel, which is about 50% higher than prices at the start of the year (below $60 per barrel).