Oil Prices Surge, Fuel Prices Soar in Australia

0:00Reporting from the Daily News, now, on Corey, with the latest in Sydney, oil prices surged 25 percent on Monday, pushing Brent Crude above $115 a barrel. Analysts called it the sharpest rise in years, triggered by ongoing war in the Middle East. Supply disruptions worsen the crisis, with damage to infrastructure across the region. Iraqi production from southern fields dropped 70 percent due to blocked exports through the strait of Hormuz, drone and missile strikes on refineries added to the chaos. Australians are feeling the pinch at the pump, where fuel hit as high as $2.42 a liter in some spots. Prices varied widely, averaging around $2.07 for E10 in New South Wales, but spiking higher in cities like Darwin and Brisbane. Whole sailors like United Petroleum started rationing supplies to stations, limiting sales to regular customers. Motorists panicked, filling Jerry cans over the weekend to stock up amid fears of shortages. The Australian Competition and Consumer Commission is watching closely for any price gouging.

1:04Economists warned this could drive inflation above 5 percent soon, pressuring the reserve bank to tighten rates further at upcoming meetings. The Daily News Now is presented by our sponsor, linked in the description. You know what is better than earbuds in bed? No earbuds at all. S-O-L-I-SoliPillow.com