Empty ships and shut wells: Why the Iran war oil crisis is not over yet
Quick Insights
The Bottom Line
The war on Iran has severely impacted global oil markets, causing supply constraints despite a ceasefire.
How This Affects You
This crisis could lead to continued instability in oil prices and availability, potentially increasing your fuel and energy costs.
AI Summary
The ongoing war on Iran has significantly impacted global oil markets, removing hundreds of millions of barrels from circulation. This disruption is evident through empty ships and shut wells, indicating a severe supply constraint. The crisis persists, suggesting continued instability in oil prices and availability. This situation affects global energy security and economic stability.
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Middle East live: Vance heads to Pakistan for Iran talks as Israeli assault on Lebanon tests truce
Middle East live: Vance heads to Pakistan for Iran talks as Israeli assault on Lebanon tests truce
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<p>How much fuel does Australia have left today, and when could we run out? Check how much petrol and diesel prices have risen near you in Sydney, Melbourne and across the country since the US and Israel’s war on Iran began in late February</p><ul><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>Hundreds of service stations across Australia have run empty, fuel prices are elevated and oil shipments have been cancelled.</p><p>Australia is battling a fuel crisis as Iran’s closure of the strait of Hormuz continues to bite. The federal government has <a href="https://www.theguardian.com/australia-news/2026/mar/13/australia-to-release-nearly-20-of-fuel-stockpile-as-bowen-insists-country-nowhere-near-running-out">released</a> fuel reserves, cut fuel exc...
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GlobalEnergy crisis not over despite relief rally
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