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Iran War Drives Up Oil Prices, Plastic Packaging Costs Soar
Oil prices rose amid the Iran war, leading to a surge in plastic packaging costs and higher supermarket prices. Meanwhile, the EU and Australia sealed a landmark free trade agreement.
Oil Price Fluctuations and Rising Plastic Packaging Costs
Oil prices rose again on Tuesday, a day after a sharp decline, amidst confusion over the direction of the Iran war. Brent crude settled well above 100 dollars a barrel. The rising energy costs stemming from the conflict are causing the cost of plastic packaging to skyrocket, which in turn will make everything on supermarket shelves more expensive.
EU-Australia Free Trade Agreement Sealed
Amidst these economic developments, the European Union (EU) and Australia have sealed a landmark free trade agreement. This agreement is set to eliminate tariffs on most goods between the two entities.
*Source: YouTube: France 24 English (2026-03-24)*
