$90 billion erased from Australian sharemarket as oil prices surge

90 billion dollars: that was the amount of money wiped from the ASX yesterday, as the Middle East crisis continues to shock markets across the world. Oil prices have skyrocketed above 100 US dollars a barrel, with the Strait of Hormuz - a critical shipping lane for a fifth of the world's crude oil - in a second week of disruption. It puts more pressure on already stubbornly high cost of living. Guest: Sally Auld, Chief Economist at NAB Producer: Tyler Hall