In the US, oil prices have soared to a record high closing level in what analysts have termed a ‘feeding frenzy’ driven by fear of terrorist attacks in Iraq or Saudi Arabia.
The price for light sweet crude rose 31 cents to $41.08 a barrel, just shy of the all-time high of $41.15 set in October 1990.
Meanwhile, Ireland's largest independent oil company, Maxol, is to raise its petrol and diesel prices by 3.25c per litre from midnight.
The company's chief executive, Tom Noonan, told RTÉ radio that these increases would be at the wholesale level, but he expected retailers to put their pump prices up in the coming days.
He said petrol prices were heading towards the €1 a litre mark for the first time.
Mr Noonan said the latest increase was not matching the price Maxol was having to pay for oil at the moment, adding that the company would have to raise prices again if the present oil price levels were sustained.
