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Business

Jacob Shteyman

Reserve Bank's grim rates warning as oil prices spike

Matthew Hassan Interest Rates RBA

As oil prices rise again, economists predict interest rate increases are growing more likely. (Dean Lewins/AAP PHOTOS)

The Reserve Bank might have to raise interest rates if inflation is higher than expected as oil prices surge back towards $US100 a barrel.

More attacks on oil tankers in the Strait of Hormuz drove Brent crude above $US97 a barrel, which will seep into domestic petrol and diesel prices and broader cost pressures for businesses.

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