An escalating conflict between Israel and Iran has rattled global markets, pushing oil prices sharply higher and sparking renewed fears of stagflation

Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.

Why It Matters: The recent decline in Iran’s missile attacks follows a series of events that have significantly impacted the country. Israel’s airstrikes have caused substantial damage to Iran’s nuclear facilities. This has led to a slow down in Iran’s nuclear program.

Also looming over the meeting are President Trump's inflammatory threats to make Canada the 51st state and take over Greenland.