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Economics10d 5h ago
Westpac economists predict diesel could reach $3.07/L and petrol $2.68/L by year-end if the US-Iran ceasefire stalls, potentially driving Australia's inflation to nearly 6 percent.
Australia, Perth, Iran, Lebanon, Strait of Hormuz, New Zealand, US
Who
Westpac, Sian Fenner, Donald Trump, US, Iran
What
Westpac economists predict diesel could reach $3.07/L and petrol $2.68/L by year-end if the US-Iran ceasefire stalls, potentially driving Australia's inflation to nearly 6 percent.
When
Tue, 16 Jun 2026 23:20:57 GMT · 10d 5h ago
Where
Australia, Perth, Iran, Lebanon, Strait of Hormuz, New Zealand, US ·
Why
A fragile US-Iran peace deal, which includes lifting blockades and sanctions, could stabilize oil prices; however, if it stalls or faces issues like an 'adverse' Strait of Hormuz reopening, energy prices will surge.
The Frontline Impact
How this affects you
A failure of the US-Iran peace deal could lead to significant increases in fuel prices across Australia, pushing inflation higher and potentially causing several quarters of negative economic growth due to reduced household spending and business investment, with a more pronounced impact on New Zealand.
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