Fuel prices set to surge past $110

Australia faces potential fuel price increases exceeding $100-110 per barrel as tensions between the United States and Iran continue to disrupt oil flows through the Strait of Hormuz. The International Energy Agency's strategic oil reserve releases, totalling 400 million barrels, are set to end this month, which could intensify supply shortfalls. The Australian government faces pressure to maintain fuel excise discounts beyond the scheduled August expiry date to help businesses and consumers manage rising costs.See omnystudio.com/listener for privacy information.