Kelly Eckhold: Westpac Chief Economist on fuel prices rising once again as a result of the ongoing conflict in the Middle East

Global fuel prices have been rising again as conflict continues in the Strait of Hormuz.  The US has now exported much of its diesel supplies – pushing up prices across the US and Europe.  Crude oil prices haven't risen as much due to China's decision to stop exporting refined fuel, but Brent crude prices are rising again after the US and Iran ruled out extending their memorandum of understanding.  Westpac Chief Economist Kelly Eckhold told Mike Hosking ultimately, there isn't enough fuel coming out of the Middle East.  He says the prices of most fuels are increasing, including jet fuel, and petrol to a lesser extent.  LISTEN ABOVE  See omnystudio.com/listener for privacy information.