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US-Iran conflict escalation fuels oil price surge, raises prospect of Australian rate rise
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US-Iran conflict escalation fuels oil price surge, raises prospect of Australian rate rise
US missile strikes and a maritime blockade announced by President Trump have lifted oil prices to one-month highs, increasing the likelihood of a fourth Australian interest rate rise this year.
- US missile strikes on Iran and Trump's announcement of a new maritime blockade have lifted Brent crude oil to US$85 per barrel.
- Vivek Dhar of Commonwealth Bank said continued conflict could push Brent to US$100 within 10 days and US$150 within 10 weeks.
- The federal government's fuel excise relief is set to expire on 2 August, adding 16 cents per litre to petrol prices.
- The Reserve Bank has raised rates three times in 2026 to 4.35%, and markets now see a 23% chance of a hike in August.
TopicsReserve BankAustraliaInterest RatesBrent CrudeMaritime BlockadeUS-Iran ConflictFuel ExciseOil Prices
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