Motorists are beginning to feel the pinch of rising fuel prices as the US’s war with Iran enters its second week, with long queues at fuel stations prompting pleas from Australia’s largest motorists association and the federal government against panic buying.
The price of Brent crude oil rocketed to US$117 a barrel for the first time since 2022 on Monday, with fears it could reach US$150 in the coming weeks, as oil tankers avoid the Strait of Hormuz – a crucial shipping lane for about a fifth of the world’s crude output – due to fears of Iranian attacks. A week before the Iran war, the Brent price was around $US70 a barrel.
