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According to the Irish Times, traders at the Irish Stock Exchange described trading on Wednesday (20th May) as "horrendous".
The Bank of Ireland saw its share price take a hammering, dropping 5.7 per cent at €8.06 (£6.09).
Irish Life and Permanent, which holds it annual general meeting tomorrow, saw its stocks and shares drop 4.8 per cent, ending the session at €10.85.
Oil prices have rocketed for a number of reasons, including ongoing political tensions in the Middle East, supply concerns and the ongoing weakness of the dollar. Meanwhile, Anglo Irish Bank dropped almost six per cent to €8.83.
Elsewhere in Europe, Germany's DAX closed a 7040.8, down 77.67, while France's Cac 40 dropped 27.33 to 5027.6.
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