Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

A sustained rise in the price of crude oil, which jumped sharply after Israel attacked Iran, could hurt consumers and President Trump’s efforts to bring down energy costs.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

President Trump has been able to argue that falling energy prices early in his term show his economic policies aren’t stoking inflation, but rapid-fire developments in the Middle East could put that case in jeopardy.

The escalating tensions between Iran and Israel are also sending shockwaves through global stock markets, with India’s benchmark Sensex closing 573 points lower on Friday.

Inflation moved up in May as Trump's tariffs threatened to filter into consumer prices, CPI report shows. Gasoline prices declined for fourth month

The global oil market is back in chaos after Israel launched military strikes against Iran on Friday. The move pushed crude oil prices up 8% to $74 a barrel

The ongoing Israel Iran war has unleashed not only a massive aerial assault with missiles and drones causing heavy destruction in both the countries but could potentially impact global economy including India with whom the two have trade relations.