Iran attacks two tankers as Hormuz ceasefire falls apart again

Australia imports little Gulf oil directly, but global Brent at ~$90/barrel lifts local fuel prices and feeds into inflation that the RBA is already citing as a reason to keep rates high or raise them further.

In a nutshell: On 31 July Iran’s Revolutionary Guard attacked two tankers transiting the Strait of Hormuz under US naval escort, pushing Brent crude above $90. The June memorandum of understanding between Washington and Tehran has been declared void by both sides. The strait has been contested since US-Israeli airstrikes killed Supreme Leader Khamenei on 28 February, cutting roughly 20–27% of global seaborne oil trade.