There are warnings the escalating violence in the Middle East could send petrol prices soaring. US President Joe Biden says officials are in discussions over possible Israeli plans to strike Iranian oil facilities. Iran is the world's seventh largest oil producer with exports climbing this year to near multi-year highs of 1-point-7 million barrels per day.
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00:00From a consumer point of view, everything from your cereal, to your milk, to your beef,
00:08to toilet paper, everything, it gets impacted when the price of gasoline or diesel goes
00:17up.
00:18And so any instability in the global crude oil market very quickly reflects itself into
00:26everything that we have in household goods.
00:29It's perhaps a week, maybe 10 days before that translates into commodity goods prices
00:37going up, but it happens pretty quickly.