What the Israel-Gaza war means for oil and the global economy | The Business | ABC News
Fears of a widening conflict in the Middle East could create more volatility for investors and rock the global economy. The US has warned Iran to exercise caution following concerns its supporting Hamas' attacks against Israel. If Iranian oil exports come under pressure, prices will rise, increasing the risk of more interest rate hikes. Meanwhile, Australians already squeezed by high fuel prices could be in for more pain at the pump just before Christmas. It's another blow to households struggling with 12 interest rate hikes and other cost-of-living pressures.
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