← March 11, 2026 briefingEconomy
Oil Markets Swing Wildly as Hormuz Shipping Collapses
Crude oil prices are lurching on contradictory signals from Washington over whether the US will escort commercial ships through the Strait of Hormuz, which has seen a sharp drop in vessel traffic since the war began. The chaos is rippling through the global economy: shipping bosses say war costs will be passed to consumers, US industries from farming to airlines are bracing for sustained higher fuel bills, and Australia's Reserve Bank is now expected to hike its cash rate to 4.1% next week partly in response to surging energy prices.
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