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Middle East Conflict · 1 August 2026

Trump weighing imminent strikes on Iran’s oil and power infrastructure

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Good to know

No direct Australian military involvement, but Iran controls the Strait of Hormuz. Strikes could spike global oil prices, feeding directly into Australian petrol costs and RBA inflation forecasts.

In a nutshell: CBS News reported the US and Israel are preparing strikes on Iranian oil refineries and power plants, possibly as soon as this weekend. Trump said at a Camp David cabinet meeting he would hit Iran ’very hard.’ No final order has been given. Iran has threatened to retaliate against Gulf energy infrastructure. A prior truce forged in June collapsed by July.

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What they’re saying

Trump is using energy-infrastructure threats as leverage to force Iran back to ceasefire talks; political aides are reportedly opposed, fearing market shock.
Tehran is framing any strike as grounds to hit Gulf energy hubs and US regional bases, raising the stakes for a wider regional war.

CBS, Axios and Haaretz all cite unnamed US officials; no official confirmation. Israeli officials told CBS they are unaware of a final decision.

U.S., Israel preparing to bombard energy-related targets in Iran, sources say - CBS News U.S. and Israel Reportedly Planning New Strikes on Iran Energy Targets - Iran News US, Iran Threaten Vital Infrastructure As Rhetoric Heats Up Again US weighs strikes on Iran’s energy infrastructure within days, Israel may join: Report - The Tribune
Do I care?
A confirmed strike order is likely to push oil prices sharply higher within hours, lifting petrol prices at Australian bowsers within days.

Nothing to do today — but watch oil prices and the RBA’s next statement closely.

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