Despite recent tensions in the Middle East and fears of a global oil shock, fuel prices across Australia have remained surprisingly steady.
The ceasefire between Iran and Israel — announced after a series of intense missile exchanges and U.S. airstrikes on Iranian nuclear sites — has not disrupted global oil markets as feared.
Australasian Convenience and Petroleum Marketers Association CEO Mark McKenzie said oil traders have become far more resilient in the post-pandemic world. “There’s no panic in the market,” he told 9news.com.au. “We’re seeing steady pricing because traders are now used to geopolitical shocks.”
Oil prices remain around $78–79 USD per barrel, a far cry from the $128 peak during the 2022 Russian invasion of Ukraine. Australia imports less than 2% of its oil from the Middle East, reducing its vulnerability to regional instability.
A major threat — Iran’s potential closure of the Strait of Hormuz, through which 20% of the world’s oil supply flows — has so far not materialised. With the ceasefire holding, global supply remains uninterrupted.
NRMA spokesperson Peter Khoury noted a modest 8-cent per litre rise in unleaded petrol, warning that further small increases may follow. “We’re unlikely to see the ultra-low prices we hoped for, but this won’t be a major shock either,” he said.
He also pointed out that many capital cities in Australia are currently at the bottom of their price cycles, making now a smart time to fill up. “Our message is simple: don’t panic, don’t rush. Use the NRMA app to locate the cheapest fuel nearby.”
As the region balances on a knife’s edge, Australian households can, for now, breathe a little easier — and drive a little further without breaking the bank.
