Democrats seek to channel electorate frustration over high prices in bid to chip away at Republicans' unified control of Washington.

Around 90% of Iran's oil exports pass through Kharg Island, but the US president says oil infrastructure was not targeted.

Oil will continue to be key for the markets as we enter the third week of the war in Iran. The Strait of Hormuz remains effectively closed and oil prices are up 50 per cent since the war broke out.