Oil spikes toward $150 a barrel as Trump rejects Iran peace deal
Brent crude climbed to $106 a barrel and could reach $150 after US President Donald Trump rejected Iran's ceasefire proposal.
Oil prices surged 1.68 per cent to $US106 a barrel (A$151) on Monday, nearing the $110 psychological barrier. The move followed Trump's rejection of Iran's offer to reopen the critical Strait of Hormuz within seven days in exchange for sanctions relief and a ceasefire.
Commonwealth Bank warns that in a worst-case scenario, oil could spike to $US150 a barrel as countries compete for shrinking supplies. Global oil stockpiles are depleting faster than expected, with depletion now forecast within four to nine weeks.
Every $1 increase in oil means an extra 1 cent per litre at the pump. Since July, unleaded fuel is up about 37 per cent and diesel up more than 45 per cent.
- $US106 per barrel
- Brent crude on Monday
- $US150 per barrel
- Worst-case oil price forecast
- 4 to 9 weeks
- Global stockpile depletion timeline
- Unleaded 37%, diesel 45%
- Fuel price increases since July
Why it mattersGeopolitical tensions directly drive household transport costs; prices could climb significantly if Middle East conflict worsens.
AustraliaAustralian motorists are already paying much more for fuel; further price rises would hit budgets across the country unless the government extends fuel cost relief.
✓ Claims checked against the source. checked 1 h ago
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