Episode Details

Oil prices surge to $160 a barrel, triggering global market panic and recession fears. The US-Israeli conflict with Iran escalates, causing attacks on refineries and storage sites. Australias share market loses $80 billion in a day, with the ASX two hundred plunging over $110 billion at its lowest. G7 finance ministers plan an emergency meeting to consider releasing oil from strategic reserves. Production cuts spread across the Middle East, and the Strait of Hormuz faces shipping shutdowns due to lack of storage. Economists predict Australias inflation could reach 5% mid-year, pressuring the Reserve Bank on jobs and prices. Asia and Europe brace for liquefied natural gas shortages, while US recession odds rise to 40% by years end.

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