Australia faces a race against time to avoid another fuel price shock as analysts watch to see if the US and Iran can agree to a peace deal before a temporary cut to fuel excise ends.

Global oil inventories are declining fast with just four to six weeks until gasoline, diesel and jet fuel prices shoot higher, analysts said.

What happens in the Strait of Hormuz does not stay in the Strait of Hormuz. The US-Iran war may be centred in the Middle East, but its economic tremors are now rattling wallets…