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The Guardian - AU

National

Patrick Commins Economics editor

RBA now twice as likely to hike interest rates as US-Iran war drives fuel prices higher

United States Luke Yeaman Iran Oil Economy ANZ Middle East

The Reserve Bank of Australia in Sydney — Economists warn another prolonged closure of the strait of Hormuz as a result of renewed US-Iranian conflict could force the Reserve Bank of Australia to raise interest rates. Photograph: EyeOfPaul/Getty Images

The likelihood of a Reserve Bank interest rate hike has doubled, according to market forecasts, as the escalating Middle East crisis once again drives fuel prices higher amid dwindling global oil reserves.

The total breakdown in the fragile ceasefire between the US and Iran has sent the international Brent crude benchmark surging by 23% over the past two weeks and back within reach of $US90 a barrel.

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