In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver break down the economic fallout from the ongoing US–Iran conflict and the second layer of blockade stopping oil from flowing through the Strait of Hormuz.

Oliver explains the downstream impacts of an extended conflict, how long Australia can continue before stringent restrictions on petrol would need to be implemented, and whether a fire at one of Australia's two remaining oil refineries will further compound the issue.

Tune in to hear:

• What the government may be targeting for next month's budget.
• Whether the strong unemployment result will drive a rate hike at the May RBA meeting.
• Why markets seem unconcerned about Trump applying pressure to the Fed's independence.