New economic modelling suggests Australia could heading for recession

New economic modelling suggests Australia could be in recession by September and face over six per cent inflation if the Strait of Hormuz remains closed until August. Energy crisis modelling by Oxford Economics reveals an extended closure of the Strait would drag global oil supplies to critically low levels from June to August. It would also see Brent crude prices soar to 190 US dollars a barrel later in the year, surpassing the 150 dollars a barrel seen during the 2008 Global Financial Crisis.