Key Takeaway
De-escalation of war in the Middle East has lowered oil prices and eased fears of economic downturn but households are still feeling the pinchGet our breaking news email, free app or daily news podcastFears of a recession have fallen away, with economists saying that Australia is set to safely navigate the biggest global oil supply shock in history even as…
Published July 7, 2026 · Category: News
Overview
De-escalation of war in the Middle East has lowered oil prices and eased fears of economic downturn but households are still feeling the pinch
Fears of a recession have fallen away, with economists saying that Australia is set to safely navigate the biggest global oil supply shock in history even as they warn of sub-standard growth in the year ahead.
Details
The de-escalation of the Middle East conflict has been accompanied by a major retreat in global oil prices back to prewar levels, essentially removing the worst-case scenarios contemplated before Donald Trump’s wobbly ceasefire with Iran was announced in mid-June.
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Source
Originally published at www.theguardian.com.
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Frequently Asked Questions
What is "Recession off the cards but Australia faces dreary outlook, economists say" about?+
De-escalation of war in the Middle East has lowered oil prices and eased fears of economic downturn but households are still feeling the pinchGet our breaking news email, free app or daily news podcastFears of a recession have fallen away, with economists saying that Australia is set to safely navigate the biggest global oil supply shock in history even as they warn of sub-standard growth in the year ahead.The de-escalation of the Middle East conflict has been accompanied by a major retreat in g
Who reported this story?+
This story was reported by The Guardian World.