The truth about oil

The truth about oil

From NAB Morning Call by Phil Dobbie

June 1, 2026 · 17 min · Season 10 · Episode 118

About this episode

Phil Dobbie and Sally Auld discuss the impact of geopolitical events and macroeconomic signals on the oil market and Australian housing.

Tuessday 2nd June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Phil Dobbie and NAB’s Sally Auld delve into a turbulent market session where geopolitical theatre and conflicting macroeconomic signals pulled global asset classes in opposite directions. Crude oil spiked toward $98 a barrel early in the session before cooling down to just over $95 after a flurry of Truth Social posts from Donald Trump claimed he had negotiated a halt to the fighting in Lebanon, smoothing the path for U.S.-Iran diplomatic talks. While Wall Street pushed to fresh record highs solely on the backs of surging IT and energy stocks—buoyed by a strong U.S. manufacturing ISM accelerating to 54—the domestic focus shifted heavily to a much softer-than-expected Australian housing print. Sally highlights that this property slowdown represents a powerful alignment of compounding RBA rate hikes alongside significant changes to investor tax arrangements. While it remains early days, she notes that the combination of these forces could create a larger housing downturn cycle than initially anticipated. Hosted on Acast. See acast.com/privacy for more…

People in this episode

Host: Phil Dobbie

Guest: Sally Auld

Topics covered

  • oil market
  • geopolitical events
  • macroeconomic signals
  • housing market
  • RBA rate hikes

Keywords

  • oil prices
  • geopolitics
  • housing downturn
  • RBA
  • U.S. manufacturing

Mentioned in this episode

Organizations: NAB

Places: Lebanon, U.S.-Iran

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