Oil prices are surging past $100 a barrel as Middle East tensions, Red Sea blockades, and Russian energy disruptions tighten global supply—threatening to push Australian petrol prices above $2 a litre and forcing the Reserve Bank into a tough call on interest rates. With inflation expectations rising and households already feeling the pinch, economists are split: some predict another rate hike to combat stubborn inflation, while others argue the economy’s natural slowdown may be enough. Either way, families face a double whammy of higher borrowing and fuel costs.
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