ECONOMY
Crude oil surge ‘will push up fuel prices, building costs’
Australian motorists face higher fuel prices again that would wipe out the benefits of a temporary tax halving after crude oil prices soared to $US120 a barrel, sparking a Federal Government warning about surging construction costs.
The spot price of Brent crude is back to levels last seen in 2022, following Russia’s Ukraine invasion, after traders lost hope that US President Donald Trump would be able to reach a peace agreement with Iran, as the war enters its third month.
“It’s the removal of the assumption that there will be a quick fix in the Middle East,” Moomoo chief executive and strategist Michael McCarthy told The West.