Australians continue to get slugged at the petrol pump, as oil jumped to record highs overnight against the ominous backdrop of a potential major supply shock.
Petrol could hit $2.15 a litre for unleaded over the coming weeks as the invasion of Ukraine and talk of further sanctions on Russia drive up global oil prices, which have spiked 30 per cent over the past two weeks.
The average petrol price around Australia last week was $1.84, with that price point now rapidly headed for $1.95.
Overnight Brent crude oil rose US $11.67, or 9.9 per cent, to US $129.78 a barrel.
The United States and European allies are considering banning imports of Russian oil, which makes up around 7 per cent of global supply.
Such a move would be a major shock to the world economy.
Analysts from investment bank JP Morgan said this week oil could soar to $185 per barrel this year.
In Australia, as petrol prices keep climbing, there will be a knock-on effect for the cost of groceries and other goods.