SDLP Economy spokesperson Sinéad McLaughlin has expressed concern to Economy Minister Conor Murphy about possible increased energy prices due to the ongoing conflict in the Middle East.

Ms McLaughlin highlighted that the unrest in the region could lead to a spike in oil prices, which in turn would negatively impact both homes and businesses.

"We are all dismayed at the escalating violence in the Middle East and the senseless loss of life there," said Foyle MLA Ms McLaughlin.

"This conflict has also had an impact on global oil markets which will lead to price increases with serious consequences for energy costs in both homes and businesses. We have seen the impact the conflict in Ukraine has had on gas and electricity prices and a repeat with oil will have a significant knock-on effect.

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"This problem could become particularly acute in the North, with a far greater proportion of our homes and businesses relying on oil for heating."

Ms McLaughlin also stressed the potential price increase could particularly affect pensioners after the removal of the winter fuel payment.

"We know that the cost of living crisis is still impacting many families and that businesses are already closing at an alarming rate," she said.

"As we head into winter any dramatic increase in oil prices could leave many simply unable to afford it. At a time when the British government and Executive both decided to remove the winter fuel payments from vulnerable pensioners there is a real concern that price hikes could have a significant impact on health, with hundreds of older people already dying from the cold each winter."

She added: "In light of these concerns I have contacted the Minister directly to ask what, if any, mitigations he is considering against potential price increases. We need to see action on this now and not when it's too late and we are already dealing with a crisis."