Brent rose about 4.8% to roughly US05.02 and WTI to about US$92.69 during Thursday (Oilprice.com), citing Iranian attacks on tankers in the Strait of Hormuz and a Reuters count of a dozen attacks between 28 September and 2 October. US Gulf Coast operators began shutting in production ahead of a storm. WTI closed at US$91.50, up 3.60% (market data). Details come from one outlet and are attributed.
Oil sets the price of petrol, diesel and heating oil before tax. A 5% jump in a day can add several cent a litre within weeks.
The fuel excise cuts hold until 28 February, but they do not offset a rise in the oil price. Expect forecourt prices to nudge up if crude holds near these levels.
Analysts say tanker attacks raise the risk premium on shipping and justify higher prices.
Others note that prices have swung between US00 and US05 for weeks and that talks with Iran could pull them back.
The key number is Brent against US00. A sustained move above it would test the budget's fuel measures well before the February deadline.
Oilprice.com, Irish Times (8 Oct 2026), Reuters via Oilprice.com, market data
World · EnergyPress ✓ 2 outlets · Hormuz and storm details from Oilprice.com only · WTI close from market data
Oil jumps about 5% as Iran steps up attacks on tankers in Hormuz; WTI closes up 3.6%
Brent touched about US$105 and WTI closed at US$91.50. The rise is a reminder that the fuel excise cuts only soften the pump price, not the oil price.
Brent rose about 4.8% to roughly US$105.02 on Thursday and WTI traded near US$92.69, up about 5%, according to Oilprice.com, which tied the jump to reports of Iranian attacks on tankers in the Strait of Hormuz. It cited Reuters in saying that a US Navy-led information outlet had counted a dozen attacks between 28 September and 2 October. WTI closed at US$91.50, up 3.60%, according to market data.
Oilprice.com also reported that US Gulf Coast operators had started shutting in production and preparing refineries ahead of an approaching storm. The Irish Times also reported that global shares fell as oil topped US$105 after fresh Iranian tanker attacks, with the ISEQ down more than 2% and AIB falling 3.6% to €10.90. DailyDrop found the Hormuz count and storm details in Oilprice.com only, so they are attributed. For Ireland, oil sets the price before tax. The Government extended the fuel excise cuts to the end of February on Tuesday, but a rise of this size would still feed into pump prices within weeks.
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By the numbers
US$105Brent, intraday high on Thursday (Oilprice.com)
US$91.50WTI close, +3.60% (market data)
12tanker attacks counted 28 Sep-2 Oct (Reuters, via Oilprice.com)
Unions have planned national strikes on 14 and 21 October after unions and the Government could not agree an agenda for pay talks (Irish Examiner, RTÉ, Fórsa). The previous public pay deal expired in June 2026. Fórsa reported 96.6% support for industrial action on a 72.6% turnout, and SIPTU and the INMO reported similar results. The Irish Times reported that Micheál Martin called the dispute "unwarranted given our willingness to talk" (7 October). Jack Chambers has said any deal must be sustainable and affordable.
Public sector workers include nurses, teachers and civil servants. Strikes affect hospitals, schools and services.
If a strike goes ahead, check with your hospital, school or council in advance. Dates may still change.
Unions say pay has fallen behind inflation and that members have a strong mandate.
The Government says it is ready to talk but that any deal must be affordable and not set unwelcome precedents for other pay.
The first strike day is five days away. The test is whether the two sides agree an agenda for talks before 14 October.
Irish Examiner (Oct 2026), Irish Times (7 Oct 2026), Fórsa
Work · Public sectorPress ✓ 4 outlets · national strike days per the unions; no talks under way
Public sector unions plan national strikes on 14 and 21 October as pay talks stall
Unions have planned one-day national strikes on Wednesday 14 and Wednesday 21 October, according to the Irish Examiner, RTÉ and Fórsa, as unions and the Government could not agree an agenda for pay talks. The last public pay deal expired in June, and unions say it left pay behind inflation.
Fórsa, the largest public service union, said 96.6% of members who voted backed industrial action, on a turnout of 72.6%. SIPTU and the INMO reported similar majorities. The Irish Times reported on Wednesday that Taoiseach Micheál Martin called the dispute "unwarranted given our willingness to talk". Chambers has said any deal must be "sustainable and affordable".
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Word of the day
Industrial actionWorkAction by workers, such as a strike, to press a pay or conditions claim.