This surge reflects the market's concerns regarding the disruption of oil supplies from the Persian Gulf region. The Strait of Hormuz, a strategic passage that separates Iran and Oman, is a major route for global oil shipments, with approximately 20 percent of the world's total oil supply passing through the strait daily.

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.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.