Australian media recently reported that the conflict in the Middle East has led to a surge in international energy prices. Australia has a high structural dependence on imported fuel and is vulnerable to global supply shortages. The country is at the end of the fuel supply chain and faces a "critical moment" in oil supply in the coming weeks.

The Australian Broadcasting Corporation reported that only two domestic refineries are still operating in the country, with over 80% of refined products such as gasoline, diesel, and aviation fuel relying on imports, almost entirely from Asia. Most of the crude oil required for refined product production in Asia comes from the Middle East, primarily transported through the Strait of Hormuz.

The media outlet believes that the global oil market is facing severe supply disruptions, and the market still underestimates the duration and destructive impact of this shock. Even if the Strait of Hormuz resumes passage, shipping insurance may not recover quickly, and the damage to the global and Australian economies could worsen further.

The Australian reported that the turmoil in the energy market triggered by the Middle East conflict has significantly increased costs for Australia's manufacturing and logistics industries. In a letter sent to clients by DHL Global Forwarding, it was noted that during the second week of the conflict in Iran, diesel prices in Australia rose by 30% to 50%, prompting the company to adjust its fuel surcharge cycle from "monthly" to "weekly."

Another article in The Australian pointed out that the sharp rise in oil and gas prices has left Australian households facing "another expensive winter." Michele Bullock, Governor of the Reserve Bank of Australia, believes that higher fuel costs are beginning to permeate the "fabric" of the country's economy and may further raise inflation expectations.