ASX on edge as Iran’s Strait of Hormuz closure halts oil price drop

Iran’s claim that it has closed the Strait of Hormuz has cast doubt over a peace deal with the United States and threatens to trigger a fresh jump in crude prices, stoking fears that inflationary pressures could force the Reserve Bank of Australia to lift interest rates for the fourth time this year.

The US and Iran were scheduled to meet in Switzerland on Friday (Saturday AEST) for talks on a permanent peace deal, but that was delayed due to a clash between Israel and Iran-backed Hezbollah militants in Lebanon.

Source: https://www.afr.com/markets/equity-markets/asx-to-fall-oil-markets-on-edge-over-hormuz-closure-20260621-p608q9