Oil Prices Rise: Heating Oil Costs Jump 30% – BBC NI Report

March 3, 2026 Priya Shah – Business Editor Business

The global wholesale price of oil rose by approximately 6% on Monday, settling Brent Crude at just under $80 a barrel. While a notable increase, the price remains significantly below the levels exceeding $100 seen following Russia’s invasion of Ukraine.

The increase comes as optimism grows regarding a potential peace deal between Russia and Ukraine, a development that has already begun to impact energy markets. In late December 2025, oil futures settled at their lowest level since February 2021, also attributed to the strengthening prospect of a resolution to the conflict, according to Reuters. Brent crude fell below $60 a barrel in early March, reaching its lowest point since May, as reported by OilPrice.com.

Although, the impact of the wholesale price increase is not being felt uniformly at the retail level. Some consumers in Northern Ireland have reported a surge of over 30% in home heating oil prices since the weekend, a discrepancy that far outpaces the broader market trend. The reasons for this disproportionate increase remain unclear, and the heating oil industry operates without the regulatory oversight that would require transparency in pricing.

The Financial Times reported on Tuesday that Brent crude settled nearly 3 percent lower at $58.92 a barrel, the lowest level since February 2021, a period marked by significantly reduced demand due to the COVID-19 pandemic. This earlier drop in price underscores the sensitivity of the oil market to shifts in global demand and geopolitical stability.

As of Tuesday, March 3, 2026, various crude oil benchmarks show differing price movements. While WTI Crude is trading at $72.72, up 2.09%, Brent Crude is at $79.78, up 2.62%. Other benchmarks, such as Murban Crude ($80.57, up 2.57%) and Natural Gas ($3.030, up 2.36%), also reflect modest gains. Louisiana Light crude, however, has seen a slight decrease, trading at $68.58, down 0.29%.

The situation remains fluid, with investors continuing to assess the impact of Russian oil supplies and U.S. Trade policies on key crude consumers, as highlighted in a September 2025 report by CNBC. The prospect of a sustained peace agreement in Ukraine continues to exert downward pressure on prices, while ongoing geopolitical tensions and supply-side factors contribute to volatility.