Sharon Zollner: ANZ Chief Economist on the economic fallout from the conflict in the Middle East

Early Edition with Ryan Bridge · Mar 9, 2026 · 4m · transcript

“Enormous” swings in the price of oil are making it very difficult to gauge the severity of the shock to markets from the Iran war, ANZ chief economist Sharon Zollner says.

Oil hit $120 per barrel yesterday but dropped back below $100 after the G7 nations signalled they could release strategic oil reserves.

Zollner told Ryan Bridge she agreed with Finance Minister Nicola Willis' assertion that the duration of the shock was just as important as its size.

Market volatility would continue, with “headlines all over the place”, and that uncertainty could lead to people spending less money.

But…