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High fuel prices could be on the way as Donald Trump's military blockade adds another element to the global crunch.
The US Navy's obstructing shipping traffic around Iranian ports, with Trump threatening to eliminate any approaching attack ships.
It follows both sides failing to broker a deal to end the war in Pakistan over the weekend.
Forbes global energy expert Matt Randolph told Mike Hosking the physical price of crude is about US $30 a barrel more than what's reflected in the futures market.
He says when the market catches up, and it always does, we'll see increases in gas prices and other inflationary items.
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