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Why petrol prices are rising in Australia amid Iran conflict despite ‘good stock in reserves’
Treasurer Jim Chalmers has written to the Australian Competition and Consumer Commission, asking it to monitor fuel prices and any instances of price gouging. Source: AAP / Bianca De Marchi
Oil prices across the globe have surged to multi-year highs, as the war in Iran expands into a broader regional conflict. A prolonged war risks disrupting energy supply chains, particularly as key shipping routes through the Strait of Hormuz are effectively closed. Analysts say impacts are already being felt - and that has implications for the global economic outlook and inflation.
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