Jun 21, 2026 – 11.59amIran’s claim that it has closed the Strait of Hormuz, casting doubt over a peace deal with the United States, threatens to trigger a fresh jump in crude prices and stoke fears that inflationary pressures could force the Reserve Bank to lift interest rates for a fourth time this year.The US and Iran were scheduled to meet in Switzerland on Friday (Saturday AEST) for talks on a permanent peace deal, but that was delayed due to a clash between Israel and Iran-backed Hezbollah militants in Lebanon. Iran has made a truce in Lebanon a condition of its preliminary deal with the US.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles