Emergency warnings are in place for fires burning near Tenterfield, Tabulam, Cooks Gap and Stanthorpe, NSW; Wallangarra, Dalveen and south of Bundaberg, QLD.Energy analysts are growing increasingly nervous about the unrest in the Middle East with the World Bank warning a major spillover of hostilities in the region could send oil prices to record highs.
It said oil price rises could be relatively modest if the disruptions were contained, suggesting markets could increase by as much as 35 per cent or as little as three per cent. "While a risk scenario involving a small decline in oil supply may lead to only a modest increase in oil prices, risk scenarios featuring more widespread disruptions could result in substantial dislocations in oil markets, with initially sharp increases in prices."Israel's war strategy in Gaza is slowly revealing itself. Here's what we know
On top of this, the bank said industrial metals such as aluminium and zinc would be hit hard by any breakout in oil prices, while iron ore would be affected through increased shipping costs. Although demand was expected to grow about six per cent to almost 106 million barrels a day by 2028, the World Bank estimated consumption "was likely to peak around 2030".