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Iran Tensions Drive Oil and Rates | Melbourne News
Description
Tensions flare as the US strikes Iran and imposes a maritime blockade, sending oil prices skyrocketing to their highest levels since June—Brent at $85, US crude over $80. Economists warn a prolonged conflict could push prices past $100, directly fueling surging gas and diesel costs and accelerating Australia’s next interest rate hike. With fuel excise relief set to expire, consumers face mounting pressure. The Reserve Bank, already having raised rates three times this year, is bracing for more hikes in August as inflation fears grow and consumer confidence plummets. This isn’t just a regional crisis—it’s reshaping everyday wallets and economic policy.
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