Middle East tensions drive up freight and fuel costs

Escalating tensions in the Middle East are disrupting critical shipping routes through the Strait of Hormuz and Red Sea, forcing vessels to divert around Africa's Cape of Good Hope and adding over 14 days to transit times. Freight costs and surcharges are already rising across the supply chain, with fuel supplies facing particular risk as the Strait of Hormuz handles approximately 20% of fuel transit. The disruptions are expected to impact everyday costs including groceries, mining, fishing and transport, with Australia's fuel security stockpile running below international recommended levels.See omnystudio.com/listener for privacy information.See omnystudio.com/listener for privacy information.