Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

Salem predicts that this attack may push Iran to make a deal with the U.S, "the outlines of which might be that Iran accepts to forgo enrichment inside Iran, with a big deal with the U.S. and the U.S. lifts sanctions on Iran and that could obviously lead to a sudden and rapid decline in oil prices, so one has to keep that in mind."

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.