Oil prices jumped by more than $3 a barrel overnight due to concerns the conflict would disrupt output from the Middle East.
Infometrics principal economist Brad Olsen said that was not a massive spike, but it would put more pressure on the price of petrol.
"We're not expecting a particularly big shift at the pump, but certainly a lot of underlying pressure that means we are likely to see fuel prices drop back a lot and there's certainly a risk that fuel prices could advance further and remain well above that $3 mark."
