Melbourne/Washington | Oil prices have recorded their biggest weekly gain this year as markets brace for a potential Israeli strike on Iran, with economists warning petrol could jump 50¢ per litre to levels not seen since Russia’s invasion of Ukraine.
Brent Crude spiked 5 per cent to $US77.62 a barrel, and could rise to $US120 if Israel retaliates against Tehran’s missile strikes by targeting Iranian oil fields. If oil reached those levels, it would add $18 to the weekly household petrol bill.
Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com