Business News

Oil prices set to rise as Middle East tensions worsen, adding to cost-of-living crisis

Written by Jamie Cross, Assistant Professor of Econometrics & Statistics, Melbourne Business School

Iran’s missile attack on Israel has caused global oil prices to spike this week amid growing fears a retaliation could put the global oil supply at risk.

Almost one year ago to the day, I wrote how an isolated conflict between Israel and Hamas would likely not cause a sustained increase in oil prices.

This was because neither Gaza nor Israel...

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