Most economic indicators aren't too well known by the large majority of Australians. Even those who invest in ASX blue chip shares. The reality is that GDP the unemployment rate, the rate of productivity growth, or the price of iron ore just don't infiltrate the daily lives of most Australians.
We most cannot say the same for the price of oil, though.
Most of us get a daily reminder of the oil price when we fill up our cars, trucks, bikes and utes. Oil flows through to far more than just petrol and diesel prices. Given that oil also affects electricity and gas prices, it can be classed as a fundamental driver of cost-of-living pressures across the economy.
The current state of the global oil market, with oil above US$100 a barrel, is also the primary driver of the higher inflation we have seen across the global economy in 2026 to date.
They are also bad news for most ASX shares. Companies that use petroleum products for manufacturing or transportation either have to bear higher energy prices.
After all, higher oil may mean fewer people driving.
Let's talk about two potential candidates.
As a big four bank, CBA is fortunate not to rely on oil as an input cost. Relying on digital services for almost all of its revenue is a boon in this era of high oil prices.
Next, let's talk Telstra Group Ltd.
Telstra is another blue chip ASX share that isn't at the front of the firing line when it comes to high energy prices.
Like CBA, Telstra isn't insulated from oil, though.