00:05Australia has already felt the fallout of escalating tensions between the US and Iran,
00:11especially at the petrol pump.
00:12The focal point is again around the threat of blocking the Strait of Hormuz,
00:17a narrow waterway near the Persian Gulf, through which about 20% of the world's oil flows.
00:23The renewed warnings come after the United States, under Donald Trump,
00:27carried out strikes on Iranian nuclear sites, reigniting fears of a wider regional conflict.
00:34We don't want escalation and a full-scale war.
00:37We continue to call for dialogue and for diplomacy.
00:41The entire country could be taken out in one night, and that night might be tomorrow night.
00:46Iran has threatened to block the Strait before.
00:49And while it has never fully shut it, there have been incidents like attacks on tankers
00:54and fears of sea mines disrupting ships.
00:57Even small disruptions can slow or reroute traffic.
01:01And because so much of the world's oil passes through this narrow channel,
01:05prices have jumped quickly.
01:08For Australians, that's meant more expensive petrol, more costly freight,
01:12and higher prices at the supermarket.
01:15Some experts warn it could reignite inflation
01:18just as households are beginning to recover from a brutal cost of living period.
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01:40continued To be
01:41continued To be
01:41continued to achieve
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