Greg Smith: Devon Funds Management says oil prices could rise 70% - The Mike Hosking Breakfast

Global oil prices are forecast to increase in the wake of US airstrikes against Iran. 

Greg Smith from Devon Funds Management told Mike Hosking analysts are forecasting a rise in oil prices, from anywhere from 5% to 70%. 

Currently, oil prices sit at around $75 per barrel. But Smith warns prices could rise to $130 a barrel. 

The increasing cost of food around the world was also discussed this morning as the price of rice in Japan has doubled due to inflation.  

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