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  • Oil Prices Plunge Below $95 as US-Iran Ceasefire Sparks Relief

    Australia Fuel Crisis Deepens As Refinery Fire Compounds Iran War Supply Chaos

    SYDNEY — Australia is grappling with its most severe fuel supply crunch in decades as a major refinery fire in Victoria this week added fresh pressure to an already strained system hit hard by disruptions from the ongoing conflict in the Middle East. With the Strait of Hormuz largely closed for over a month, global oil shipments have been thrown into chaos, exposing the nation's heavy reliance on imports and thin domestic reserves.
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