Anthony Albanese says Australia will “continue to monitor” the price of fuel after Iran declared the Strait of Hormuz was “completely closed” as the ceasefire between the United States, Israel, and the Islamic Republic appeared to breakdown.

Global trade is trying to rebalance due to the economic carnage of the US and Israel’s war with Iran. That means Australia is getting oil from some very unlikely places.

Iran announced the closure of the Strait of Hormuz on Thursday after the United States launched a new wave of strikes on targets inside the country. Iran's top joint military…