A lot of Australians are concerned that the war in the Middle East will lead to a spike in gas and petrol prices - or even shortages - and it all gets down to a stretch of water known as the Strait of Hormuz.

The Strait of Hormuz is controlled by Iran, which is being attacked by Israel and the US.

In response, Iran has sprayed weapons across the Middle East and shut down the Strait of Hormuz, all in the name of causing maximum chaos.

Even if the oil and gas isn’t headed for Australia, the laws of supply and demand mean that global prices will rise, as more countries try to get hold of limited stocks.

This will impact how much it costs Australians to fill up the tank and pay the gas bill.

The National Account’s Archie Milligan has the rundown:

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