Oil prices have soared 28 per cent since the US-Iran war ramped up. Treasury fears this will come with a large economic cost.

In this round of tensions between the US and Iran, the Houthis, who control northern and western Yemen, have joined the fray.

Australian petrol prices surged after US-Iran ceasefire talks collapsed, with Brent crude jumping 5.7% to $95.50 and Bitcoin caught in the