US and Iran resume military strikes; oil prices climb on conflict fears
The US struck Iranian launchers on Larak Island, prompting Iran to retaliate against two US bases in Jordan, driving oil prices up more than 3.5 per cent.
Why it mattersWhen major powers fight, oil prices usually rise. Higher fuel costs affect energy bills worldwide for weeks.
AustraliaAustralia imports oil and relies on global energy markets; rising oil prices flow through to petrol costs at the pump and electricity bills.
Corroborated bysmh.com.au
✓ Claims checked against the source. checked 1 h ago
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