Oil and fuel prices are expected to surge again today as US and Israeli strikes on Iran extend into a second week, and as Iran ramps up strikes on oil facilities around the Gulf, with the Strait of Hormuz still closed.

And then in our deep-dive interview, ANZ Group Chief Economist Richard Yetsenga looks at what an extended war might mean, especially if global asset prices slump and US fuel prices soar ahead of US midterm elections in November.