Libya’s oil disputes mirror Hormuz crisis, fuel European energy fears

Track current petrol and diesel prices, service station outages and shipments – Australia's fuel crisis in charts

<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...

How Asia became ground zero for the oil crisis

As the Iran war disrupts oil flows, fuel shortages hit Asia first. Is this the start of a wider global energy crisis?

Trump's shipping waiver does not boost oil flows within US; fuel exports soar - Reuters

<a href="https://news.google.com/rss/articles/CBMixgFBVV95cUxPeDFsRE9SX1R6bWNrcmp4VnAxTzc5QXNOSDVhNVljTDdVSm1lOWczRWdPNGdWeE1fTXE5bWVQTUNDTlZleTZpSjVDcVhMUWV0cjd0NFMyNHNiWC1TSlhtOGlrZjhfSnVtRU0ya3VoS3UxTHVDN1g3NUpTZzBBZ2JFVF9MdVdpVmNUWmVrNnVBQ2U3Mm5SSWU3MlVzVjJIcVBXeXV4WVlwRWcyQmZtNXRFdFRYU0hoNVpWTlE0blctaEdFeGFZclE?oc=5" target="_blank">Trump's shipping waiver does not boost oil flows within US; fuel exports soar</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Energy crisis not over despite relief rally

Oil prices have plunged and stock markets soared after the announcement of a two-week ceasefire between the US and Israel and Iran. But regardless of whether the deal holds, the energy crisis unleashed by the war is far from over. Damage to infrastructure in the region means it could take years for oil and gas production to get back to pre-war levels. Meanwhile, global aviation group IATA says supplies of jet fuel will remain tight.

The massive economic impact of the global energy crisis

<p>Even if the Iran war ended now and the Strait of Hormuz reopened, the crisis has lasted long enough to bring a meaningful and damaging toll worldwide.</p><p><strong>Why it matters: "</strong>What began as a disruption in a key energy corridor is now feeding through the entire global economy," the UN's trade and development arm <a href="https://unctad.org/news/hormuz-disruption-deepens-global-economic-strain-across-trade-prices-and-finance" target="_blank">said in an analysis</a>.</p><hr><p><strong>Driving the news: </strong>Fresh outlooks are landing that take stock of the war's effect.</p><ul><li>The UN expects global economic growth to slow from 2.9% in 2025 to 2.6% this year, and that's <em>without</em> further escalation.</li><li>It's not just about energy. Goods needed for fertilizers and much more transit the region — only right now, they don't. </li></ul><p><strong>Threat level: </strong>Developing nations are hardest hit, though Europe is also reliant in the Strait, and t...

Exclusive: Iraq could restore oil exports to pre-war level within a week if Hormuz reopens, Basra Oil chief says - Reuters