Oil prices have rebounded after two sessions of declines as stalled US-Iran negotiations revived concerns about supply disruption.
Brent crude was trading around US$92.43 a barrel, up about 1%, while West Texas Intermediate also moved higher.
The move matters for Australia because oil remains a key swing factor for both inflation and equity markets.
Higher crude prices can support earnings for producers such as Woodside and Santos, but they also lift costs for airlines, freight operators and households.
The rebound comes just days after the Reserve Bank lifted the cash rate to 4.85%, leaving policymakers sensitive to any renewed energy-driven inflation pressure.
For investors, the key question is whether crude can sustain the recovery or whether renewed diplomacy pushes the geopolitical premium lower again.
