US-Iran war: Warning oil price is heading for $150 per barrel
Commonwealth Bank of Australia economists warn that global oil prices could reach $150 per barrel due to supply disruptions in the Middle East. The closure of a key Saudi pipeline and ongoing tensions near the Strait of Hormuz are cited as primary drivers for the potential surge.
Why it matters
Rising oil prices pose a significant risk to global inflation and economic stability, particularly as geopolitical tensions remain high.
- 1.29am . First published at 1.28am
shares Share article Oil prices could surge to $US150 a barrel, due to the impact of the Middle Eastern war, Australia’s largest bank has warned.
Commonwealth Bank of Australia economists said on Tuesday the global benchmark Brent oil price could jump to the figure over coming weeks due to projected shortages.
A key Saudi Arabia oil pipeline has been damaged and remains shut for weeks. Vantor via CNN
Concern about an impending worldwide energy shortage are growing following the Saudi Arabian government’s announcement a major oil pipeline will remain closed for weeks following Houthi attacks.
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