Australian drivers have been urged to fill up their cars as soon as possible as the conflict in the Middle East threatens a surge in fuel prices.
The United States and Israel unleashed airstrikes on Iran on Saturday in which its tyrannical Supreme Leader Ayatollah Ali Khamenei was killed.
US President Donald Trump claimed at least 40 of Khamenei’s senior officials were also killed.
Iran has fired back with retaliatory strikes against Israel and Gulf Nations with US bases.
Hundreds were killed and injured in the first 24 hours of the conflict.
Iran has since amplified its presence in the Strait of Hormuz, a major international shipping route for crude oil from Saudi Arabia, Iraq, Iran, UAE, Kuwait, Qatar, Bahrain and Oman.
Analysts now expect Iran will cut off access completely, choking the main access point for the region which produces a massive 27 per cent of the world’s crude oil.
It’s estimated up to 20 per cent of global crude oil typically travels through the Strait of Hormuz.
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Aussies have been urged to fill up their cars as soon as possible
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The conflict in the Middle East is expected to impact oil shipments (pictured is a vessel off the coast of Dubai on Sunday)
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Smoke billows from Zayed Port in the UAE after Iranian retaliatory strikes on Sunday
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Other shipments tend to move through the Red Sea and the narrow Bab-el-Mandeb Strait.
As of Sunday night, Australian time, reports had surfaced of the Strait of Hormuz already being ‘practically closed’ with traffic dropping by around 70 per cent.
AMP chief economist Shane Oliver warned fuel prices are likely to jump significantly, very soon.
‘Oil prices will spike sharply, possibly above US$100 a barrel, from US$67 on Friday for West Texas, given the disruption to oil supplies, including via the Strait of Hormuz,’ he told the ABC.
‘This is particularly so given the broad nature of the US and Israeli attack – including talk of regime change – and Iran’s broad-based retaliation so far.
‘The key issue is how long it lasts.’
A price rise from US$67 to US$100 means Aussies are likely to pay around 33c more per litre.
Mr Oliver warned the implications spread much wider than fuel – with slower business from China also a possibility.
‘If there are sustained interruptions to the flow of oil from the Middle East to China, that could have a negative impact on China’s economy and, presumably, on China’s imports from Australia,’ Mr Oliver said.
One-fifth of the world’s liquified natural gas also passed through the Strait of Hormuz, meaning gas prices could also go up.
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