Australian Fuel Prices Jump Most Since March as Iran Truce Wilts

Australian gasoline prices rose by the most since late March after the collapse of a US-Iran ceasefire, with petrol averaging A$1.82 per litre in the week to July 26 and diesel near A$2.20 per litre. The Reserve Bank of Australia flagged that higher fuel prices can push up short-term inflation expectations, with its next policy decision due on August 11. The price spike reflects reduced oil flows through the Strait of Hormuz as fighting between the US and Iran resumes, posing broader inflationary risks for energy-importing economies.