Fuel prices have risen sharply around the world since Iran's blockade of the Strait of Hormuz, a key shipping route for about a fifth of the world's oil, with the government warning the clog could see inflation peak in the "mid-to-high fours" depending on the length of the conflict. Andrew Hastie, the shadow minister for industry and sovereign capability, today accused Labor of being slow to address the crisis and of failing to have a plan to deal with the blockade in the Strait of Hormuz. "At the time that we're at right now, where we're trying to finalise forecasts for the budget … really the key uncertainty is how long this thing drags out for and also reasonable assumptions about how quickly the global economy could get back on its feet if there was an end to the most dramatic hostilities," he said.
Author: Maani Truu
Published at: 2026-03-17 23:34:01
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