Australian Fuel Prices Surge Amid US-Iran Conflict
Australia's fuel prices have reached near six-month highs due to doubts over a US-Iran peace deal, according to new figures from the Australian Institute of Petroleum.
The average price of regular unleaded petrol has climbed to $2.37 per litre at service stations nationwide, up 10 cents from the previous week, while diesel prices rose by nearly 14 cents to $2.87 per litre.
The high prices are attributed to the ongoing conflict in the oil-rich Middle East, which is blocking millions of barrels of crude oil from reaching global markets every day.
Vivek Dhar, head of energy and mining commodities research at Commonwealth Bank, stated that Iran's refusal to budge on certain conditions before agreeing to reopen the Strait of Hormuz, a critical oil and gas shipping corridor, has weakened hopes for a diplomatic breakthrough.