Fuel prices tipped to climb again as global tensions escalateAnalysts are predicting oil prices could climb beyond $US100 a barrel.2 min read

7NEWS

07/15

Australians are being warned to brace for another hit at the petrol pump, with escalating tensions in the Middle East threatening to send fuel prices soaring again.Despite US President Donald Trump ...

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There’s no resolution.」Analysts in Europe and the United States are predicting oil prices could climb beyond $US100 a barrel, potentially reaching $US110 depending on how the crisis unfolds and whether China re-enters the market as a major consumer after relying on its own strategic reserves over recent months.Oil prices peaked at almost $US120 a barrel in April 2026.Blackburn said the impact would extend well beyond petrol prices, affecting everything from fertilisers to chemicals.With fuel prices expected to come under further pressure, Blackburn urged the federal government to maintain the temporary fuel excise discount, currently due to expire in early August, warning it would be 「political suicide」 to remove it while global markets remain so volatile.Be the first to know: Add 7NEWS as your preferred news source on GoogleWhile Trump has announced ships will again be permitted to pass through the Strait of Hormuz, excluding Iranian vessels, Blackburn said the reality was far more complicated. He argued Iran had declared the Strait closed and continued attacking ships, making commercial operations almost impossible.「You’re not going to get insurance for those large ships coming through there with this impasse that’s going on,」 he explained.「Essentially, Trump’s chaotic announcements in the last 24 hours show it’s just a confused mess — there is nothing resolved, the problem is as it was last week. You’re going to get very low flows, if any at all, until they resolve something,」 he said.When questioned on whether Trump’s statements were disingenuous, Blackburn said that was 「normal for Trump」.「You’ve got an erratic man in charge of one of the most powerful militaries in the world, and we’re seeing the symptoms of that. We see the flow on to our fuel prices, which is our concern, but it goes beyond that to fertilisers and chemicals,」 he said.Tensions over fragile peace deal with Iran’s Hormuz declaration2 min readThe savings plan that could put hundreds back in your pocket2 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"economic","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}