Australian Fuel Prices Face July Surge If Strait of Hormuz Remains Shut Australia's motorists have enjoyed a brief reprieve from record high fuel prices, but this window of relief may be about to close unless global oil markets stabilize soon.
The recent breakthrough in US Iran negotiations has sent Brent crude plummeting 6% to around $US97 a barrel and West Texas Intermediate falling to $US92.
However, analysts warn that even if a lasting peace deal is reached, it could take months or years to restore oil flows to pre war levels.