Australians could see petrol prices rise as high as $2.20 a litre, as analysts warn the spike in oil prices fuelled by the Israel-Iran conflict will flow "directly to the pump". They fear a prolonged conflict could plunge the world into a global energy crisis that could last years rather than months,

Oil prices extended gains Monday as Israel and Iran pounded each other with missiles for a fourth day and threatened further attacks, stoking fears of a lengthy conflict that could reignite inflation.

Oil prices soared early Monday amid intensifying military conflict between Iran and Israel, with Brent crude jumping 5.5 per cent in Asian trading. The strikes near Iran’s South Pars gas field and potential disruption to the Strait of Hormuz have fuelled investor anxiety,