<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Motorists in Australia are being urged to fill up with fuel before a potential rise in the price of crude </span><a href="https://www.9news.com.au/oil" rel="" target="" title="oil "><span>oil</span></a><span> flows through to the bowser.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/usa" rel="" target="" title="US "><span>US</span></a><span> and Israeli strikes on </span><a href="https://www.9news.com.au/iran" rel="" target="" title="Iran "><span>Iran</span></a><span> are raising concerns that retaliations in the Middle East could disrupt the flow of oil, which is heavily dependent on the Strait of Hormuz.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Iran, which controls the waterway, also manages the world's third-largest proven oil reserves.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-israel-launch-attack-on-iran-live-updates-us-begins-major-combat-operations--israel-launches-attack-on-irans-capital/2a7ce3d3-dbba-413c-9053-397468cc6bec" rel="" target="" title=" Iran's chilling vow of revenge as supreme leader's death confirmed"><strong><span>Iran's chilling vow of revenge as supreme leader's death confirmed</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/us-israel-strike-on-iran-footage-of-drones-in-dubai/e3fd2380-3cbd-424c-a2c9-df63ac5979e2"><strong><span>Luxury Dubai hotel damaged as Iran retaliates to attack</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-israel-attack-iran-dubai-airport-damaged/587e641f-3607-45f9-a9db-69a065d2050e" rel="" target="" title=" Dubai Airport damaged in reported strike, four hurt"><strong><span>Dubai Airport damaged in reported strike, four hurt</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The worst-case scenario for the oil market is an attack on Saudi oil infrastructure followed by a complete closure of the Strait of Hormuz," Andy Lipow, president of consulting firm Lipow Oil Associates, told CNN.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/us-israel-attack-iran-oil-prices-trump/af5440a0-4709-4cc9-9b6f-4fb4ed6be0ad" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It remains to be seen if Iran will indiscriminately attack oil tankers in the region, shutting the waterway."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oil prices could increase as much as $USD5 per barrel, if not more on Sunday, warned Lipow.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The waterway, located between the Persian Gulf and the Gulf of Oman, is only 33.7 kilometres wide at its narrowest point.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It's the only way to ship crude from the oil-rich Persian Gulf to the rest of the world. Iran controls its northern side.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>About 20 million barrels of oil, about one-fifth of daily global production, flow through the strait every day, according to the US Energy Information Administration (EIA), which called the channel a "critical oil chokepoint".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A closure of the Strait would be particularly detrimental to China and other Asian economies which rely on the crude oil and natural gas shipped through the waterway.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The EIA estimates that 84 per cent of the crude oil and 83 per cent of the liquefied natural gas that moved through the Strait of Hormuz last year went to Asian markets.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>China, the largest buyer of Iranian oil, sourced 5.4 million barrels per day through the Strait of Hormuz in the first quarter this year, while India and South Korea imported 2.1 million and 1.7 million barrels per day, respectively, according to the EIA's estimates. In comparison, the US and Europe imported just 400,000 and 500,000 barrels per day, respectively, in the same period, according to the EIA.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>- reported with CNN</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><br/></div></div>