Australian Treasurer Josh Frydenberg has warned that the escalating hostilities between Ukraine and Russia will obstruct Australia’s economic recovery, as global oil prices rise to a seven-year high. “This is not just going to have an impact in terms of the national security situation … But what it would have is a broader economic impact, too,” Frydenberg told Sky News on Feb. 22. “We’ve already seen the price spiked, and I think it would have a broader impact on the global financial system, on equity markets and stabilisation.” Brent crude oil prices reached $99.50 (AU$138) following the announcement that Russia would be sending troops to eastern Ukraine. Concern over the unrelenting rise in petrol prices is also denting consumer confidence despite the reopening of international borders and easing of COVID-19 restrictions in the two most populous states. The ANZ-Roy Morgan weekly consumer confidence index fell 1.4 percent on the back of …