Thursday 12th March 2026

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NAB’s Rodrigo Catril joins Phil to discuss the intensifying tensions in the Strait of Hormuz, where Iranian attacks on merchant vessels and the threat of naval mines have effectively halted all shipping traffic. Despite a massive release of 400 million barrels of oil from IEA reserves, supply fears have pushed Brent crude toward $92 a barrel, with Iran warning the west should prepare for $200 oil. So, how is this energy shock complicating the global inflation outlook, specifically forcing a shift in NAB’s forecast to include consecutive RBA rate hikes in March and May to combat mounting domestic capacity constraints.

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