Westpac currently assumes that the war in the Middle East will continue for a longer period of time, energy infrastructure will slowly be rebuilt, and oil supply will take time to recover. Westpac economist Sian Fenner said that the net effect of all these factors would be to cause high oil prices in the second quarter. She currently expects the average oil price in the second quarter to be around $120 per barrel, which means that oil prices will sometimes be higher.

Westpac currently assumes that the war in the Middle East will continue for a longer period of time, energy infrastructure will slowly be rebuilt, and oil supply will take time to recover. Westpac economist Sian Fenner said that the net effect of all these factors would be to cause high oil prices in the second quarter. She currently expects the average oil price in the second quarter to be around $120 per barrel, which means that oil prices will sometimes be higher.