A plain-language tracker of how the Middle East crisis is affecting what Australians pay at the pump.
12 weeks ending 25 March 2026
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Australia's reserves vs. the IEA's 90-day recommendation
In late February 2026, US and Israeli strikes on Iran triggered retaliatory attacks on oil infrastructure across the Middle East. Iran closed the Strait of Hormuz — a narrow waterway carrying 20% of the world's seaborne oil.
Australia imports over 80% of its fuel and has only 2 operating refineries (down from 8 in 2005). Six tankers bound for Australia have already been cancelled. The government has released 800 million litres from reserves, but experts warn supplies may only last until mid-April.
The article critically examines Australia's historical energy policies, arguing that a focus on coal and uranium has undermined the nation's fuel sovereignty, leaving it vulnerable during the current Iran oil crisis.
Read full articleBusiness fuel cards can save 4–10¢/L through wholesale pricing and rebates.
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