Australian fuel prices face July surge if Strait of Hormuz remains shut

AI Summary

Australia faces a potential fuel price surge in July if geopolitical tensions keep the Strait of Hormuz shut, with hopes pinned on a US-Iran peace deal to prevent an energy supply crisis. Analysts warn that the end of a temporary fuel excise cut may coincide with continued disruptions, causing economic ripple effects.

Australia faces a race against time to avoid another fuel price shock as analysts watch to see if the US and Iran can agree to a peace deal before a temporary cut to fuel excise ends.