# The truth about oil

Page: https://stenobird.com/podcast/nab-morning-call-427359/the-truth-about-oil
Text version: https://stenobird.com/podcast/nab-morning-call-427359/the-truth-about-oil.md
Podcast: [NAB Morning Call](https://stenobird.com/podcast/nab-morning-call-427359)
Published: 2026-06-01T20:22:47+00:00
Episode link: https://shows.acast.com/morningcall/episodes/the-truth-about-oil
Audio file: https://sphinx.acast.com/p/open/s/631a89913c2be9001415dc41/e/6a1dea18c1105f0d11115954/media.mp3
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JSON: https://stenobird.com/v1/public/podcasts/nab-morning-call-427359/episodes/the-truth-about-oil
Duration seconds: 1032

## Resource

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 information.

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## Transcript

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