If the price of crude oil does not return to around $65 per barrel, it will subtract tenths from the GDP and delay the moderation of price increases. Just a few days after the Bank of Spain and BBVA's research department in Spain presented their macroeconomic projections - which lowered their growth forecast for the country to 2.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Crude prices have been capped at the $72.00 level but remain 12% above May's range. Fears of escalating tensions between Israel and Iran are keeping downside attempts limited. Russia's Deputy Prime Minister, Novak, is pressuring the OPEC+ to reconsider output hikes.

An hour with a big fixed income manager is a discussion of the big issues. Expect volatility, he says – a bit of a tired line, although not an untrue one.

Tensions between Iran and Israel are adding to the global economic uncertainty which impacts international trade.

Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

Richard Yetsenga, Group Chief Economist at ANZ Research, shared his insights on oil, trade, and the geopolitical forces shaping global markets.

Crude oil prices surged on Tuesday as the conflict between Israel and Iran intensified, sparking concerns over potential supply disruptions from the Middle East-a key hub for global oil production. The rise in tensions followed a call from U.

The ongoing Israeli-Iranian conflict could trigger higher fuel prices and inflation with potential benefits from rising crude oil prices for the country's forex.

That sent the yield on the 10-year Treasury up to 4.43% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.