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There are dozens of fuel ships on their way. Here’s when they’ll arrive, and how they’ll get here
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Australia is opening its chequebook to outbid rivals in a global scramble for fuel, as Prime Minister Anthony Albanese flies to Singapore seeking deals to secure extra shipments and avert a looming shortfall.
Despite early hopes that a fragile two-week ceasefire in Iran would unclog oil shipping routes and bring relief at the petrol pump in the coming weeks, Australia remains dangerously exposed to the risk of a supply crunch unless the government can negotiate extra deliveries of petrol, diesel and jet fuel.
On Thursday, Albanese said the government had secured the support of the nation’s biggest fuel importers, Viva Energy and Ampol, to participate in a scheme to urgently boost shipments to Australia.
Oil prices could take a year to return to pre-Iran levels even if ceasefire holds, Australian experts warn
Analysts say uncertain stability of truce and major damage to infrastructure among many issues that will keep prices high for foreseeable future
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Global oil markets could take as long as a year to return to something like pre-Iran war normality even if the conflict ended tomorrow, leading experts warn.
Hopes for an immediate restart of shipping through the strait of Hormuz have been dashed after Israel bombarded Lebanon shortly after the announcement of a two-week cease-fire between the US and Iran, with Iranian media reporting traffic through the strait had been halted in response.
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VIDEO: Australia negotiating with overseas fuel suppliers as fuel crisis continues
The apparent official standstill in hostilities not even two days old punctuated by bombs with Israel keeping its finger on the trigger in Lebanon, launching a wave of deadly attacks.
JD VANCE, US VICE-PRESIDENT: The Iranians thought that the ceasefire was going to include Lebanon and it just didn’t. We never made that promise.
ALI BAHREINI, IRANIAN UN AMBASSADOR: If the Israel attacks continue against Lebanon, it will have some consequences.
JACOB GREBER: Iran has maintained its blockade of the Strait of Hormuz and its defacto toll.
ANTHONY ALBANESE, PRIME MINISTER: Of course it is a fragile peace, but we want it to lead to an agreement. The Australian Government also firmly believes that this has to apply to Lebanon as well.
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