Major companies across Australia, including Coles and Virgin, are hiking prices as global energy security and supply chains continue to be threatened amid the Middle East conflict.
Prime Minister Anthony Albanese conceded the duration of the conflict remained unclear and it was not known how long it would last.
“But I am hopeful you can see an endpoint. The objectives of denying Iran the opportunity to have a development of a nuclear weapon have been secured,” he said on Thursday.
This week, the situation escalated when gas fields and energy facilities were attacked in Iran and Qatar putting doubt on future supplies.