RBA considers interest rate hike as US-Iran tensions drive fuel prices higher
The Reserve Bank of Australia has doubled the likelihood of an interest rate hike as geopolitical tensions between the US and Iran escalate, driving global oil prices higher. The breakdown in the US-Iran ceasefire has caused Brent crude to surge 23% in two weeks, approaching $90 per barrel, which threatens to further strain Australia's already slowing economy. Experts warn the global energy market is at a critical juncture amid dwindling oil reserves.
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RBA now twice as likely to hike interest rate as US-Iran war drives fuel prices higher
The Reserve Bank of Australia has doubled the likelihood of an interest rate hike as geopolitical tensions between the US and Iran escalate, driving global oil prices higher. The breakdown in the US-Iran ceasefire has caused Brent crude to surge 23% in two weeks, approaching $90 per barrel, which threatens to further strain Australia's already slowing economy. Experts warn the global energy market is at a critical juncture amid dwindling oil reserves.
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