This week has been a whirlwind of events.

Global markets experienced heightened volatility, casting uncertainty on the recent decline in petrol prices. Meanwhile, the government introduced a new tax deduction aimed at simplifying the process of reducing taxable income for the upcoming year.

And what’s finance news without a nod to artificial intelligence?

Oil prices jump, threatening fall in fuel costs

Oil prices soared as the conflict in the Middle East once again shook global markets. Concerns about access to the crucial Strait of Hormuz have led to significant market fluctuations.

By Friday, the price of Brent crude had surged to approximately US$105 (about $160) per barrel, marking an increase of more than 15% over the week.

This rise poses a threat to the recent dip in petrol prices.

The Australian Competition and Consumer Commission on Friday said across Australia’s five largest capitals, the average unleaded petrol price was around 65 cents cheaper than on the 31 March, while diesel was 45.5 cents lower, although most of that occurred in the past week.

The war in the Middle East also prompted a fall in global markets, as US markets fell from record highs ahead of important tech earnings next week.

A $1,000 tax deduction is coming

The federal government unveiled draft legislation for it’s $1,000 “instant” tax deduction announced during last year’s federal election campaign.

It will allow more than six million workers to reduce their taxable income by $1,000 — without receipts.

It’s designed to simplify tax time, particularly for people who don’t usually claim work-related expenses.

But there’s a catch — the financial benefit won’t be felt immediately.

The average saving is expected to be about $205, and it will not flow through until the second half of next year.

AI is reshaping jobs and big money is flowing in

Demand for artificial intelligence (AI) skills is accelerating, with job ads mentioning AI keywords on employment website SEEK jumping 75 per cent over the past year.

While AI-related job ads still make up a small share of total job listings, the direction is clear. Workers who build digital and AI capabilities are likely to be better positioned as the labour market evolves.

At the same time, global tech giants are doubling down on Australia.

Microsoft this week announced a $25 billion investment in data centres and AI infrastructure, alongside plans to help train three million Australians in AI skills by 2028.

That follows a similar $20 billion commitment from Amazon earlier this year.

Young Australians turning to AI, influencers for financial advice

New data suggests younger Australians are increasingly relying on online sources for financial information including AI tools, social media and so-called ‘finfluencers’.

Financial regulator the Australian Securities and Investment Commission said around 64 per cent of Gen Z it surveyed said they trust financial information from AI platforms, while more than half look to social media or influencers.

Regulators are concerned that not all of these sources are reliable or qualified to give advice, and have stepped up enforcement in response.

For consumers, it’s a reminder to be cautious about where financial information comes from especially when it involves investment decisions or major life choices.

That’s this week’s On the Money wrap. Prefer to listen? The On the Money podcast breaks down the latest every weekday. You can tune in here or wherever you get your podcasts.

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