Agenda-setting news coverage, breaking news and the most significant stories impacting the lives of all Australians.

First it was Iran imposing a de facto blockade in the Strait of Hormuz, strangling a fifth of the world's oil trade.

Now, US President Donald Trump has vowed to blockade the strait after peace talks with Iran failed to secure an agreement

Iran has demanded the right to collect tolls from vessels travelling through the strait, but Mr Trump says no one who pays them will “have safe passage on the high seas.”

We unpack what this means for the shipping industry, and the legality of a US blockade in the Strait.

Then, the federal government is launching a campaign encouraging Australians to use less fuel where possible. Environment Minister Murray Watt joins the program.

Recap the morning's news, politics and global affairs with the Breakfast Wrap.