Australia’s best shield against the global fuel crisis? Deep pockets |
Australia’s best shield against the global fuel crisis? Deep pockets
April 7, 2026 — 5:45pm
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When it comes to petrol and diesel, Australia relies on imports for nearly all its needs. It now confronts the prospect of dire economic consequences if the Iran war drags on and supplies run short.
But Australia is not entirely helpless in its predicament. The prime minister’s trip to Singapore this week shows how the nation can leverage its trade and economic heft.
Shipments through the Strait of Hormuz have been shut off since February 28. The blockade is Iran’s major economic weapon in the war, and it continues to use it as the conflict runs through its sixth week.
This means about 20 per cent of global crude oil that Asian refineries rely on to produce petrol and diesel have been held up. Refineries in countries including Japan, Malaysia, South Korea and Singapore, which supply most of Australia’s........