China, Russia and oil reallocation

It’s been less than a week since the war in Iran began but it’s already having an economic impact here.

Oil and gas prices are rising and that has the Reserve Bank worried about inflation and analysts warn that could mean more interest rate hikes. 

Today, chief business correspondent Ian Verrender on why we’re so economically vulnerable to a conflict so far away and what we can expect in the weeks ahead.  

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Ian Verrender, ABC chief business correspondent