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Economics10d 5h ago
Westpac economists predict diesel could reach $3.07/L and petrol $2.68/L, pushing Australia's inflation to nearly 6%, if a US-Iran ceasefire stalls.
Australia
Who
Westpac, Sian Fenner, Donald Trump, US, Iran
What
Westpac economists predict diesel could reach $3.07/L and petrol $2.68/L, pushing Australia's inflation to nearly 6%, if a US-Iran ceasefire stalls.
When
Tue, 16 Jun 2026 23:20:57 GMT · 10d 5h ago
Where
Australia ·
Why
A fragile US-Iran peace deal, which includes lifting blockades and sanctions, is seen as crucial to global oil prices and their impact on Australian fuel costs and inflation.
The Frontline Impact
How this affects you
If the US-Iran ceasefire stalls, Australian households could face record inflation and negative economic growth due to surging fuel prices. The reopening of the Strait of Hormuz is key to normalizing oil supplies, but its effectiveness and speed are uncertain, potentially leading to persistent high energy costs.
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