Households struggling with the cost of living are unlikely to receive any respite from petrol price pain, as a possible Israeli ground assault on Gaza raises fears that global oil prices could return to levels witnessed during last year’s global energy crisis.
While average unleaded petrol prices have fallen from their peak of 211 cents per litre recorded a fortnight ago, they still remain elevated at 204.1 cents per litre, according to analysis by the Australian Institute of Petroleum released on Monday.
It follows a warning issued by Iran’s Foreign Minister Hossein Amirabdollahian that an escalation of the conflict by Israeli forces in Gaza could encourage other actors – such as terrorist organisation Hezbollah, which is backed by Lebanon and Iran – to become involved in war. A broadening of the Israel-Hamas conflict could send global oil prices towards $US120 a barrel. Picture: Fayez Nureldine / AFP
“Any escalation of the conflict that threatens to block the Strait of Hormuz could push prices towards USD120 a barrel.”
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