Australians are facing a potential petrol price increase of 20 to 40 percent in the coming weeks due to escalating tensions in the Middle East affecting global oil supplies. The Strait of Hormuz, a critical chokepoint for oil exports, has seen shipping largely halted following warnings from Iran’s Revolutionary Guard. The recent assassination of Iran’s leader, Ayatollah Ali Khamenei, has led to concerns over a power vacuum and its implications for global fuel prices.
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