# The US and Israel attacked Iran on February 28.

*fintech · news · 2026-05-05 · PerthNow*

## Key points

- The US and Israel attacked Iran on February 28, triggering major geopolitical tension.
- The Strait of Hormuz has been closed, causing a global oil supply crisis.
- Rising oil prices are directly increasing inflation through higher costs for goods and services.
- The Reserve Bank is now likely to impose a third interest rate rise in response.
- Recent and potential rate hikes may reverse last year's three mortgage rate cuts.

**Countries:** United States, Israel, Iran

[Read the full story on PerthNow](https://www.perthnow.com.au/news/business/economy/rba-interest-rates-live-updates-reserve-bank-set-to-hike-again-as-war-lights-fire-under-already-hot-inflation-c-22231267)

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