The Trump administration's posturing over Iran, at the behest of its friends in Israel and Saudi Arabia, isn't merely a subject for foreign policy blog debate. The proof: the re-imposition of sanctions on Iran and the threat of military conflict will put further pressure on oil prices that were already rising.

In fact rising petrol prices are rapidly consuming Malcolm Turnbull’s $10 a week tax cut for average earnings. According to figures from AMP Chief Economist, Dr Shane Oliver, the rise in global oil prices towards US$80 a barrel (they briefly topped that level late last week) has seen an $8 a week rise on average in the cost of petrol in Australia this year. And he reckons there is more to come, which could effectively push the average weekly cost past the $10.19 a week benefit from the tax cut, if it comes.