Just days after Donald Trump suggested a peace deal with Iran was within reach, the United States launched fresh retaliatory strikes, raising fears the conflict could escalate once again.

While the fighting is unfolding thousands of kilometres from Australia, economists warn the fallout could hit much closer to home, particularly at the petrol pump.

Global oil markets remain highly sensitive to instability in the Middle East, with renewed tensions pushing crude prices higher amid concerns about disruptions to supply routes through the Strait of Hormuz, one of the world’s most important oil chokepoints.

Around a fifth of the world’s oil passes through the narrow shipping lane, meaning any threat to its operation can quickly ripple through international markets.

For Australian motorists, that could mean paying more to fill up. Fuel prices are influenced by global oil benchmarks, and even modest increases in crude prices can eventually flow through to local service stations.

At the start of the conflict, Australians felt the impact almost immediately at the bowser, with petrol and diesel prices rising across the country. Unleaded fuel climbed as high as $2.55 a litre in New South Wales, $2.57 in Victoria and $2.53 in Western Australia. Since then, prices have eased significantly, with the national average falling by almost a dollar.

Experts caution it’s too early to know how severe any impact from the latest strikes will be.

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