It's been more than three weeks since initial strikes on Iran by Israel and the US started a war - and world energy markets are in turmoil.  

The Strait of Hormuz remains effectively closed. Oil prices have surged - and Australians are paying more at the petrol pump as a result. An ultimatum has been issued, and the world may be on the edge of another dangerous escalation.

So how vulnerable is the Australian economy to it all? And is there anything the government can do to protect the country?

Carrington Clarke and ABC Business Editor Michael Janda break it all down on ABC Business Daily.

Got a burning business question?

We'd love to hear your questions! If there’s business and economic news that has you stumped or you'd like further insight into, we're here to help. Send a short voice recording to Carrington and the team at abcbusinessdaily@abc.net.au and we'll attempt to answer it.