Oil Spike and RBA Hold: Iran's Hormuz Standoff roils Markets

Iran has thrown a fresh wrench into the global oil machine, demanding war reparations and the complete lift of US sanctions before it will reopen the Strait of Hormuz. The move has sent Brent crude surging 4.8% to $US87.52 a barrel, clouding the outlook for Australian consumers and businesses alike. The standoff is the top item on the radar for the Reserve Bank of Australia as it prepares to announce its interest rate decision this afternoon.

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