Australia’s Fuel Supply Concern Mounts on Iran War

Good morning. Markets continue to roil as the war in Iran rages on, and Australia isn’t immune. Retail fuel prices have risen 19% the past month, accompanied by a run on fuel purchases. Yesterday the International Energy Agency agreed to discharge 400 million barrels from emergency oil reserves to help calm markets — its largest-ever release — and countries like the US and New Zealand have also agreed to release supplies. Meanwhile, Iran says that a ceasefire is contingent on the US agreeing not to strike them again in the future. - Keira Wright, Australian Energy Reporter

Australia’s top fuel suppliers have halted spot sales as supply tightens amid global energy market disruptions stemming from conflict in the Middle East. It follows confirmation that global emergency oil reserves will be released — including supplies from New Zealand — which did little to calm volatile markets.