Greg Smith: Devon Funds Management says oil prices could rise 70%

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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