Millions of barrels remain stuck behind the blocked the Strait of Hormuz.
The price of crude oil has increased 35% since last week.
Generate Investment Specialist Greg Smith told Mike Hosking that only a few ships are being getting through.
He says Chinese ships are getting through as Iran still needs them for revenue.
The Commerce Commission says international conflicts will affect prices but it expects retailers to keep prices competitive.
It says it will call out any behaviour which impacts New Zealanders' ability to get a fair price.
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The Mike Hosking Breakfast