Commonwealth Bank of Australia
Commonwealth Bank of Australia
03/02/2026 | Press release | Distributed by Public on 03/01/2026 17:14
Oil prices set to swing amid Middle East conflict
Oil prices already rising
Oil prices have already risen on war fears.
International benchmark Brent crude closed at a seven-month high of $US72.87 ($A102.56) on Friday.
Iran exports some 1.6 million barrels of oil a day, most of it going to China, where privately owned refineries are less concerned about the US sanctions that prevent Iran from selling its oil elsewhere.
If that supply is disrupted, Chinese customers would look elsewhere for oil on the global market, potentially driving up prices.
Another question is around the Strait of Hormuz, through which 20 per cent of global oil supply passes each day.
Middle East exporters Saudi Arabia, Iraq and the United Arab Emirates send most of their exports through the strait.
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