Oil prices are shaped as much by politics as by supply and demand, and so events thousands of kilometres away can still hit close to home. In recent weeks, renewed action by U.S. president Donald Trump against Venezuela has once again put the country’s vast oil reserves at the centre of global attention.

While Ireland doesn’t buy Venezuelan oil directly, moves in Washington can still ripple through European energy markets, influencing prices, volatility and fuel costs. So how could political decisions in the United States affect what drivers, households and businesses here in Ireland end up paying?

CEO of Henderson Risk Group, Duncan Bullivant joined Pat Kenny on the show to discuss.