The Australian stock market has surged after US President Donald Trump declared that oil shipments will soon start flowing freely through the strait of Hormuz.

The announcement comes as Australia's Reserve Bank starts its deliberations about what to do with interest rates ahead of tomorrow afternoon's decision.

So does this Hormuz news lower the chance of further rate hikes?

Carrington Clarke and ABC Business Reporter Steph Chalmers  break it all down on ABC Business Daily.

Catch up on today's episode of Fuelcast here. 

Got a burning business question?

Send a short voice recording to Carrington and the team at [email protected]