Sunday
Graph from:
https://www.nasdaq.com/markets/crude-oil.aspx?timeframe=5y as of today.
I have no knowledge of the oil market and thus will not begin to speculate as to the cause of the dollar spike in its price.
What I do know is that the Australian economy will be slammed hard by an oil price that goes any higher than it is right now.
It is difficult for people to cut petrol consumption. Thus they will cut spending elsewhere.
Retail and hospitality are already struggling big time. It could be about to get a whole lot worse.