Chalmers Warns of Economic Risks as Middle East Conflict Drives Oil Price Surge

The global oil market has seen a sharp spike in prices, with Brent crude oil now trading at around $77 a barrel—a 7 percent increase in just over a week.

Motorcyclists queue to buy fuel at a petrol station on June 6, 2008 in Shanghai, China. On June 19, China's Commission for State Reform and Development issued a notice that beginning on June 20, the cost of domestic refined oil and electricity would be ra China Photos/Getty Images

As the conflict intensifies in the Middle East, Treasurer Jim Chalmers has warned of the escalating situation’s human and economic consequences, particularly the risks posed by rising oil prices.

“We are primarily concerned about the human cost of the conflict in the Middle East, but we cannot ignore the economic consequences,” said Chalmers.