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Oil Prices Surge Amid US-Israeli-Iran Conflict Escalation

3/5/2026

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Oil Prices Surge

Oil prices rise as the US-Israeli conflict with Iran intensifies, with Brent at $78.83 per barrel.
The Strait of Hormuz is effectively closed, raising fears of supply disruptions as analysts warn that conflict could push prices above $150 per barrel.
In Australia, regular unleaded petrol prices exceed $2.13 a litre as higher costs flow through.
Governments are organizing repatriation for nationals stranded in the Middle East due to grounded flights.

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Australia Criticizes War

The Australian government faces criticism for supporting the US-Israel campaign against Iran.
Experts say the Trump administration's justification based on an imminent threat lacks clear evidence.
Critics argue the United States should not fight for allies without Congressional approval.
The War Powers Act requires withdrawal within 60 to 90 days unless Congress acts.
Observers warn that undermining international law could jeopardize Australia's future and its role in a rules-based order.

History

Historical Context

The War Powers Resolution of 1973 was enacted to limit presidential military authority following the Vietnam War, which resulted in over 58,000 U.S. casualties. This law mandates Congressional approval for military engagements exceeding 60 days. Today, Australia's backing of U.S. actions against Iran raises concerns about compliance with this act, echoing the 1973 oil crisis, which saw oil prices surge by 400%.

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Oil Prices Surge

Oil prices rise as the US-Israeli conflict with Iran intensifies, with Brent at $78.83 per barrel.
The Strait of Hormuz is effectively closed, raising fears of supply disruptions as analysts warn that conflict could push prices above $150 per barrel.
In Australia, regular unleaded petrol prices exceed $2.13 a litre as higher costs flow through.
Governments are organizing repatriation for nationals stranded in the Middle East due to grounded flights.

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