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Economics10d 5h ago
Westpac warns that Australian diesel prices could reach $3.07/L and petrol $2.68/L by year-end, pushing national inflation to 6%, if a US-Iran ceasefire agreement stalls.
Australia, United States, Iran, Lebanon, Strait of Hormuz, New Zealand
Who
Westpac, Sian Fenner, Donald Trump
What
Westpac warns that Australian diesel prices could reach $3.07/L and petrol $2.68/L by year-end, pushing national inflation to 6%, if a US-Iran ceasefire agreement stalls.
When
Tue, 16 Jun 2026 23:20:57 GMT · 10d 5h ago
Where
Australia, United States, Iran, Lebanon, Strait of Hormuz, New Zealand ·
Why
The forecast is based on an 'adverse' scenario where only 30-40% of ships return to the Strait of Hormuz after a fragile US-Iran peace deal to be signed on Friday, leading to sustained high oil prices.
The Frontline Impact
How this affects you
High energy prices would lead to several quarters of negative economic growth in Australia and New Zealand, as inflation erodes household income and businesses defer investments. The global economy faces significant disruption to oil supplies.
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