Global Oil Shock Sparks Economic Crisis Amid US-Israel Conflict

The ongoing conflict between the US and Israel has led to one of the worst global oil shocks in decades, causing fuel prices to skyrocket worldwide.

Countries are scrambling to mitigate the impact on their economies, with some implementing measures such as tax cuts, school holidays, or urging residents to use public transportation or bicycles.

Australia, for instance, has reduced its excise tax by half for three months, saving drivers 26 cents per liter of gasoline. The country's Prime Minister Anthony Albanese also advised Australians to commute by train or bus whenever possible.

The European Union has urged its member countries to avoid increasing oil usage and promote demand-saving measures, particularly in the transport sector.

In Slovenia, a temporary cap on gasoline purchases was introduced, limiting individuals to 50 liters per day and commercial vehicles to 200 liters per day.

Other countries, such as South Korea, have launched energy-saving campaigns, while the Philippines has declared a national energy emergency and is seeking alternative fuel suppliers. The US has released oil from its strategic petroleum reserve, with 172 million barrels set to be released over 120 days.