The US & Iran have traded strikes over the Strait of Hormuz, leaving oil prices surging and the Commonwealth Bank warning of a return to triple-digit crude

The sustained escalation in fighting comes nearly a month after the two sides inked a draft peace deal that prolonged a ceasefire and began 60 days of negotiations.

The brief pause in fighting between the United States and Iran shattered effectively Sunday, plunging the Gulf back into the brink of a wider war as both sides unleashed fresh…