The Guardian · US news · Original story
RBA now twice as likely to hike interest rates as US-Iran war drives fuel prices higher
Experts warn global energy market at a ‘critical juncture’ with escalating Middle East crisis expected to further drag on a slowing Australian economy
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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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Patrick Commins Economics editor · Tue, Jul 21, 2026, 8:00 AM
US news | The Guardian
Experts warn global energy market at a ‘critical juncture’ with escalating Middle East crisis expected to further drag on a slowing Australian economy
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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