Prices expected to shoot up as Iran conflict continues

The death toll in Iran has reportedly exceeded 1000, conflict continues in the Middle East. The strikes have pushed up the price of brent crude oil but more than 18 percent in the past week as the Strait of Hormuz remains closed. Westpac suggests that if the conflict continues for a month, prices will shoot up much further. It also warned that our inflation rate could be pushed up by one percent. Finance Minister Nicola Willis spoke to Lisa Owen.