Overview
- U.S. diesel averaged $5.04 per gallon on Tuesday, the highest since December 2022, with gasoline around $3.79–$3.80, as Brent hovered near $101 and WTI traded in the mid-$90s.
- Iranian attacks that curtailed tanker traffic through the Strait of Hormuz have squeezed global supplies of crude and refined products, a corridor that typically carries about one‑fifth of seaborne oil.
- Australia’s consumer watchdog summoned major fuel retailers over price spikes, and Western Australia raised road‑train load limits by 10 tonnes for petrol, diesel and fertiliser deliveries to priority regions.
- UK contingency proposals under the National Emergency Plan for Fuel include designated filling stations for priority users and maximum purchase limits, with officials warning of potential near‑term shortfalls.
- Panic buying has intensified local shortages, with some stations in Western Australia running dry, while analysts and economists warn higher diesel costs will lift transport surcharges and feed broader inflation in groceries, farming and construction.