Global oil prices are forecast to increase in the wake of US airstrikes against Iran. 

Greg Smith from Devon Funds Management told Mike Hosking analysts are forecasting a rise in oil prices, from anywhere from 5% to 70%. 

Currently, oil prices sit at around $75 per barrel. But Smith warns prices could rise to $130 a barrel. 

The increasing cost of food around the world was also discussed this morning as the price of rice in Japan has doubled due to inflation.  

LISTEN ABOVE

See omnystudio.com/listener for privacy information.