With conflict again sending shockwaves through global oil and energy markets, and increasing our prices for everyday goods, Australia is being reminded of a simple truth – energy security is economic security.

Even if the Strait of Hormuz reopens tomorrow, the shock will continue to ripple through global markets for months.

Oil and gas inventories and strategic reserves are being drawn down faster than they can be replenished, with analysts warning of a potential drop of at least 10 per cent in global oil supply, and prices will remain elevated. 

In Australia, the cost of imported goods and household bills will follow, and there are warnings of possible job cuts in industries such as construction due high diesel prices.

As the US blockade persists, there are also reports Iran is running out of oil storage space and may have to start reducing production or even capping oil wells.

If this happens, later restarting production would be a costly and slow process, potentially taking many months to repair damaged reservoirs and wells.

Australians have seen this play out before. The 2022 energy crisis following Russia’s invasion of Ukraine triggered sharp increases in our petrol, gas and electricity prices. Global........

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