The war is causing chaos on global markets, primarily through the rocketing price of oil - but it's also wiping out billions in tourism dollars.

Figures from the World Travel and Tourism Council estimate that the conflict in Iran is causing the Middle East to lose $US600 million ($844 million) every day.

The council said the heavy toll was being extracted through disruptions to air travel and tourist spending in the region.

The analysis is based on pre-conflict projections of $US207 billion in spending by international visitors to the Middle East this year.

Despite the grim forecast, council president Gloria Guevara said the sector could recover quickly.

"Our analysis of previous crises demonstrates that security-related incidents often see the fastest tourism recovery times, in some cases as quickly as two months, when governments and industry work together to restore traveller confidence," she said.

The US military has said it dropped multiple 2270-kilogram deep penetrator bombs on hardened Iranian missile sites along the country's coast, near the Strait of Hormuz.

In an X post, US Central Command said the bombs targeted Iranian anti-ship cruise missiles based at the site, which posed a risk to global shipping in the waterway.

Australia has not received a formal request from the Trump administration for naval support in the Strait of Hormuz, Treasurer Jim Chalmers says.

He told the ABC this morning the ADF's role was based around helping protect the UAE, where there are 25,000 Australians, part of the 100,000 expats across the Middle East.

"There wasn't a formal request to send ships to the strait and it's not something that we've been considering in the almost daily National Security Committee meetings that have been taking place over the course of the last couple of weeks," Chalmers said.

He was speaking after US President Donald Trump berated allies, including Australia, for not offering warships to help maintain safe passage for merchant ships through the strait.

Chalmers said the government was not concerned by Trump's remarks and was concentrating on other issues.

He was also asked directly whether the government was ruling out sending military support to the region.

The pain felt by consumers as a result of the war with Iran is "the last of our concerns", Donald Trump's top economic advisor has said.

National Economic Council Director Kevin Hassett told CNBC that the war with Iran "wouldn't really disrupt the US economy very much at all"."

"It would hurt consumers and we'd have to think about if that continued what we would have to do about that," Hassett said.

"But that's the like, really the last of our concerns right now because we're very confident that this thing is going ahead of schedule."

While the US is a net exporter of oil, petrol prices there have skyrocketed.

Trump has said he is "not ready to leave" Iran yet, but vowed an exit "in the very near future."

The US president also told reporters at the White House he's not worried about a long, protracted war, saying, "I'm really not afraid of anything."

The Iranian regime has warned that deploying American ground forces would be another bloody conflict, such as the Vietnam War, for the US.

Trump also said if the US left the conflict "right now" it would take Iran 10 years to rebuild.

Reopening the Strait of Hormuz has become a critical US war aim as skyrocketing oil prices stoke inflationary fears across the global economy, but how hard is it?

Well, according to former naval commanders who have served in the waterway off Iran interviewe, it's no easy task, reports AP.

They say warships and merchant vessels would be sitting ducks, with little room for changing course in the strait's narrow shipping lanes.

"In today's context, sending warships or civilian vessels into the Strait of Hormuz would be suicidal," French navy retired Vice-Admiral Pascal Ausseur said.

A ceasefire agreement with Iran "would make the situation shift from suicidal to dangerous. At that point, military ships could be deployed. And then escort operations could begin," he said.

Iran can reach all of the Strait of Hormuz and its approaches with anti-ship cruise missiles that it developed off Chinese-made weapons, according to mapping by the US Defense Intelligence Agency.

It can also target vessels with longer-range missiles, drones, fast attack craft and naval mines, which it used during the Iran-Iraq war.

Former prime minister Malcolm Turnbull says Donald Trump has been "lashing out" in his criticism of allies, including Australia.

Earlier, the US president gave traditionally staunch American allies and NATO countries a spray over their refusal to provide military assets to help the US reopen the Strait of Hormuz.

Turnbull told the ABC this morning Trump's remarks show he "doesn't respect" his allies.

"This is a guy that does not respect smaller countries. He believes might is right, he makes no bones about that. He believes he should be able to do and get whatever he wants."

Israel said overnight it continued striking Hezbollah targets across Lebanon, including what it said were "weapon storage facilities, launchers and launching sites, terrorists, and structures belonging to the organisation".

The Israeli military said it "eliminated several Hezbollah terrorists across southern Lebanon and struck a Hezbollah logistics structure in Beirut".

Israel has said it was targeting the Iranian-sponsored Hezbollah, but the Lebanese Armed Forces said earlier that an Israeli strike in southern Lebanon killed one Lebanese soldier and wounded four others, including at least one critically.

The Israeli military said it is "aware of the claim" that several Lebanese soldiers had been injured in an Israeli airstrike and that the incident is under review.