Oil tanker
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A spokesperson from the NRMA has warned oil companies not to jack up petrol prices amid the conflict in the Middle East.

The concern over the supply of petrol comes as the Strait of Hormuz, where one-fifth of the world's oil supply passes through, remains closed.

NRMA Warns Oil Companies

According to 9News, NRMA spokesperson Peter Khoury warned oil companies not to impose higher prices prematurely, stressing that the conflict in the Middle East should not be an excuse to "jack up prices."

"We will be watching that closely," Khoury stressed.

It should be noted that the spokesperson said that oil prices are indeed set to rise by 10 per cent initially, according to 9News.

Khoury, however, that the impact on petrol prices in the country shouldn't be felt for at least a week.

Strait of Hormuz

As the conflict between the United States, Israel, and Iran continue, the Strait of Hormuz has been closed by Iran.

According to the BBC, global oil prices have gone up after at least three ships have been attack at the Strait of Hormuz. These ships are reportedly from the US and the United Kingdom.

Iran has warned ships from passing through the strait. BBC noted, however, that some ships from Iran and China have been allowed passage.

In response to concerns over the supply of oil, the Opec+ group of oil producing nations has agreed to increase their output by 206,000 barrels a day. However, some experts believe that this will not be of much help.