Ahead of a crucial inflation print, RBA governor Michele Bullock said underlying inflation had evolved broadly as expected since May. "But it is still too high," she said in a speech on Tuesday to the Anika Foundation Fundraising Lunch in Sydney. The dispute over control of the Strait of Hormuz is putting pressure on global oil prices. Oil prices are likely to stay elevated as the US-Iran conflict drags on, a Treasury briefing warns. (Dean Lewins/AAP PHOTOS)While oil prices neared $US120 a barrel during the original outbreak of fighting, the current situation is arguably even more perilous.