In this episode of Relative Return Insider, Keith Ford and AMP chief economist Shane Oliver unpack the rapidly evolving US–Israel–Iran conflict and its implications for oil markets, inflation and investors.

Shane explains why Middle East conflicts matter mainly through their impact on oil supply, highlighting Iran's role as a significant producer and the critical importance of the Strait of Hormuz, and how disruptions there could translate into higher global oil prices.

Tune in to hear:

• Whether higher fuel costs as the war continues will push up inflation.
• How the base case for the RBA has changed for its March meeting and beyond.
• If there is any rhyme or reason for the bitcoin rebound over the last week.