The price of crude oil experienced its steepest weekly decline in over five years, dropping by 16%. This sharp fall comes amid investor hopes that tensions between the US and Iran may ease following the US mid-term elections.
However, the situation remains uncertain after explosions occurred on Iranian-controlled islands in the Strait of Hormuz over the weekend, sending mixed signals about the potential for de-escalation.
Meanwhile, a new report from RACQ reveals that Brisbane has the highest petrol prices among Australia's five largest capital cities.