Australians will soon find out whether a 32-cent-a-litre fuel tax cut will be extended after the US and Iran announced a deal to end the war in the Middle East.
Despite analysts warning a further round of conflict was likely because the peace agreement failed to address key sticking points, US President Donald Trump has declared oil would soon resume flowing through the Strait of Hormuz.
The effective closure of the narrow waterway - which in peacetime carries about one-fifth of the world's oil - sent global fuel prices skyrocketing and countries scrambling to find alternative sources.
In response, the government announced a three-month cut to tax on petrol and diesel, which is due to expire at the end of June.
A decision on whether that would be extended was imminent, Prime Minister Anthony Albanese said.
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