Iran War Creates an Energy Crunch for Export Giant Australia

As the war in the Middle East enters its third week, Australia — with little domestic refining capacity left — underscores how even major fossil fuel exporters aren’t immune to a widening energy crunch.

While the supply of gasoline and diesel to Australia has remained steady, the government has warned that a prolonged conflict could strain shipments. Panic buying is already pushing prices higher, especially outside the big cities, with costs rising faster than international benchmarks in the early stages of the conflict — prompting competition authorities to summon suppliers and retailers for an explanation.