This time, the US stuck to its deadline.

Its navy is now blockading Iran’s ports, further limiting the flow of energy from the crucial Gulf region.    

With that supply curbed, there’s been calls for Australia to tap its own reserves of energy to make the country less reliant on foreign oil.

But is there oil to tap? And does it make economic sense? 

Carrington Clarke and ABC's Chief Business Correspondent Ian Verrender break it all down on ABC Business Daily.

Got a burning business question?

Send a short voice recording to Carrington and the team at abcbusinessdaily@abc.net.au