Oil prices continue to rise in wake of renewed Iran-US conflict
Brent Crude has climbed a further 1.5 percent to US$84.5 a barrel. The rise was recorded as a reflection of renewed tension between Iran and the United States.
Brent Crude has climbed a further 1.5 percent to US$84.5 a barrel. The price move is being read as a direct reflection of renewed tension between Iran and the United States.
The escalation of conflict in the region has led investors to price in the risk of supply disruption. Market watchers note that price volatility could persist if the tension continues.
For New Zealand and other importing economies in the region, rising oil prices mean higher energy costs and the inflationary pressure that comes with them. The development has become a matter closely watched by regional central banks.
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