Middle East Conflict Sends Fuel Prices Soaring in Australia

The escalating conflict in the Middle East is pushing Australian fuel prices to record highs. The war between Iran and the US has led to global oil prices surging above $100 a barrel, with prices at the bowser reaching an average of $2.11 for regular unleaded petrol.

This is a significant increase from just July, when prices were at $1.55 per litre. Diesel fuel prices have also risen dramatically, almost 50% since June.

The Reserve Bank of Australia may be prompted to raise the cash rate in response to these high fuel costs, which are sparking inflation fears.

NRMA spokesman Peter Khoury warned that the high fuel prices were 'the new norm', and urged motorists to shop around for savings when filling up. He noted that prices had already reached record highs earlier this year, before the government temporarily halved the fuel excise in April.