When the Strait of Hormuz threatened to shut down, panic hit Australia—fuel shortages loomed, with May looking grim. But Asian refineries pulled off a global oil reroute, sourcing from the U.S., Canada, Brazil, and even West Africa. While Australia dodged the “fuel cliff” at a steep price, poorer nations suffered as demand collapsed and transport costs soared. Refineries now lock in shipments through the year, signaling a permanent shift in global supply chains. Prices keep climbing, but Australia’s wealth and reduced global demand offer some breathing room—until the Middle East calms down.
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