So what does that all mean for our beleaguered little economy?
If, as Finance Minister Nicola Willis said, our recovery was delayed, not derailed … how soon can we get it rolling again?
It feels a bit risky to assume this thing will hold, but markets have rallied and the price of oil has fallen.
And for all the political nuance and ongoing risk about long-term inflationary impact, you can’t go past the fact that this deal is going to put money back in the pocket of consumers – almost immediately.
Brent crude was trading at about $US79 on Tuesday afternoon, down from US$95 less than a week ago – a 17% fall.
It will could fall further when traders see evidence that ships have actually started moving through the strait.
Oil experts have warned we won’t go back to pre-war levels quickly because of the depletion of international reserves.
But that’s predicated on the assumption that…
