This week, global oil prices surged due to escalating tensions between Iran and Israel, with U.S. benchmark West Texas Intermediate oil climbing nearly 5% to about $71 per barrel. Analysts attribute the price hike to fears of potential supply disruptions, especially given that a significant portion of global oil traffic passes through the Strait of Hormuz(
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For Australia, rising global oil prices typically lead to increased petrol prices at the pump, as local fuel costs often mirror international trends. As a result, Australians may soon see higher fuel bills if the current price trends continue(
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