The Strait of Hormuz is crucial for global oil supply. What could a blockage from Iran mean for Australian fuel prices?

As the world waits to see if Iran will retaliate against US strikes on its nuclear facilities, concern is growing its next move may send oil and petrol prices soaring around the world. The Iranian parliament has reportedly voted to block the Strait of Hormuz, with a final decision to cut off the crucial choke point for oil shipping now resting with Iran’s leaders. Here’s how a blockade would impact Australian oil supply and what we could expect to pay at the bowser. Iran-Israel war live updates: First images of attack sites emerge as Iran’s president demands response to US…