Australia imported over A$7 billion ($5 billion) worth of crude oil and processed fuels in June, according to data released Thursday. The country has few local oil and gas reserves and no refinery, and so must import all its liquid fuels. Australia imports more than 80% of the liquid fuels it uses, meaning the soaring cost of crude oil has translated directly through to higher prices for consumers and businesses. Domestic fuel prices in Australia and New Zealand have responded to the latest escalation and started rising again, adding to the costs for consumers and firms. Oil prices extended gains Friday after a report that Iran attacked “hostile targets” in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman.