Brent crude price climbs again as Middle East conflict reignites
Brent crude oil prices rose again as the conflict in the Middle East reignited. Westpac economists say New Zealand motorists could soon be paying around $3.10 a litre for 91-octane petrol.
Brent crude oil prices extended their rise after the conflict in the Middle East flared up again. The increase reflects renewed pricing in global markets of concerns over the security of regional oil supply.
Westpac economists forecast that if current price trends continue, New Zealand motorists could soon be paying around $3.10 a litre for 91-octane petrol. The increase would add further pressure on household budgets.
Analysts said oil price volatility is likely to persist alongside developments in the Middle East, with continued uncertainty in the supply chain expected to keep prices elevated in the near term.
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