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Show Notes
The Iran conflict threatens global oil supplies, with 27% of world oil production coming from the Middle East and 20% distributed through the Strait of Hormuz. Economists predict crude oil prices could reach US$100 per barrel, up 40% from last week, potentially adding 40 cents per litre to Australian petrol prices. The flow-on effects extend beyond fuel costs to transport, manufacturing, and grocery prices, adding inflationary pressure to the economy.
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