Hundreds of petrol stations run dry as IEA warns fuel crisis will outlast war

Stocks jumped, and oil prices fell after US President Donald Trump announced he would postpone strikes on Iran’s energy infrastructure, pending the outcome of negotiations.

Australia’s fuel crisis is expected to endure for longer, after the International Energy Agency warned life won’t “get back to normal” for some time.

178 service stations in Queensland, New South Wales, and Victoria are currently without petrol, while 97 are without diesel.

IEA Executive Director Fatih Birol warned that the war in the Middle East will put long-term pressure on supply chains and drive grocery prices higher.

Prime Minister Anthony Albanese said Australia will have to continue managing the fallout from the war even after it ends.