Australian petrol prices posted their largest single-week increase since the height of US-Iran hostilities last week, after diplomatic talks between Washington and Tehran collapsed in mid-April without a ceasefire agreement. Brent crude jumped 5.7% to $95.50 per barrel, renewing fears about oil supply disruptions through the Strait of Hormuz, which handles roughly 20% of global oil shipments. Diesel prices hit a record high near A$3.13 per litre, while bitcoin traded in a range between $63,000 and $74,000 as geopolitical tensions intensified. This fuel price surge is likely to complicate the Reserve Bank of Australia’s efforts to manage persistent price pressures.
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