“(We would) normally see an initial shock (in the price of oil) like this in these circumstances,” spokesperson Peter Khoury said.
“(Further price hikes) depend on if it escalates to involve Iran and Syria.”
Higher petrol prices could contribute to inflation in Australia, putting additional strain on the Reserve Bank.
The conflict in the Middle East is closely monitored for its impact on global energy markets and financial stability.
However, it remains uncertain how the situation will evolve and how it will ultimately affect oil and petrol prices in Australia and the broader economy.
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