How Iran war is impacting oil and fuel prices in Australia and globally

Oil prices across the globe have surged to multi-year highs, as the war in Iran expands into a broader regional conflict. A prolonged war risks disrupting energy supply chains, particularly as key shipping routes through the Strait of Hormuz are effectively closed. Analysts say impacts are already being felt - and that has implications for the global economic outlook and inflation

Petrol prices are shown at a service station in Sydney, Tuesday, March 3, 2026. (AAP Image/Sarah Wilson) NO ARCHIVING Source: AAP / Sarah Wilson/AAPIMAGE