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.

No matter how the fighting unfolds, it promises to increase prices at the gasoline pump just as voters' natural gas and electricity bills are already set to rise.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.