Australian gasoline prices surge after US-Iran ceasefire collapse

The pump price pain is back. Australian petrol prices surged last week, posting the largest single-week increase since the height of US-Iran hostilities, as diplomatic talks between Washington and Tehran collapsed in mid-April without a ceasefire agreement. The breakdown renewed fears about oil supply disruptions through the Strait of Hormuz, a narrow chokepoint that handles roughly 20% of all global oil shipments. What happened to oil, and why Australia feels it fast Brent crude jumped 5.7% to $95.50 per barrel in the immediate aftermath of the ceasefire collapse. Australia imports the vast majority of its fuel, which means international crude price swings translate directly to what drivers pay at the bowser, with very little domestic buffer to absorb the shock. In the week leading into early April, prices had actually dipped over 5% to A$2.40 per litre, the first meaningful decline since February. Diesel prices climbed to near A$3.13 per litre, a record high, before pulling back slightly. Diesel matters beyond the family car: it powers freight, agriculture, and construction, meaning elevated diesel costs ripple through the price of nearly everything. The Strait of Hormuz is a pas...