Oil Prices Surge on Middle East Tensions; Australia Responds to Fuel Stress

Global oil prices have climbed on persistent geopolitical risks in the Middle East, with Brent crude surpassing $112 per barrel, creating significant economic ripple effects. The surge is primarily driven by fears of supply disruptions from the critical Strait of Hormuz. In response to the direct impact on consumers, two Australian states, Victoria and Tasmania, have introduced temporary free public transport to alleviate the burden of record-high domestic fuel prices, which have jumped significantly since the conflict began.