Australia’s federal government is seeking to reassure motorists as petrol prices climb sharply, driven by renewed conflict in the Middle East and tightening global oil supply. With crude prices briefly rising above US$100 (A$143) a barrel for the first time since May, analysts warn Australians could face “more sustained” price pressure in the months ahead.
The surge follows a fresh escalation between the United States and Iran, after US President Donald Trump vowed “major military punishment” for Tehran in response to Houthi rebel attacks on Saudi shipping in the Bab el‑Mandeb Strait near the Red Sea. Reduced US output has added further strain to global supply, amplifying concerns about prolonged volatility.
Despite the uncertainty, federal energy minister Chris Bowen said Australians should remain confident in the nation’s fuel security. “One thing Australians can be certain about is that our fuel supply continues to be solid and secure,” he said, emphasising that the government is closely monitoring international developments.
The reassurance comes as households and businesses brace for higher fuel costs, with geopolitical tensions showing no sign of easing. For now, officials insist Australia’s reserves and supply chains remain stable but global markets are signalling a turbulent period ahead.
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