Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

Global oil prices are soaring and Korean industries are bracing for impact after Israel launched airstrikes on Iran, jolting already fragile energy markets and raising the specter of a regional economic shock.

The cost of crude oil affects everything from the price of food at the supermarket to how much it costs to fill up your car.