AdvertisementBusinessCompaniesEnergy Australia faces new fuel warning as Iran war spreads to Red Sea Nick Toscano July 30, 2026 — 3:54pm Save You have reached your maximum number of saved items. With no end in sight for the conflict in the Middle East, oil prices have jumped again. Fuel prices soared in response to the Iran war, especially in the first weeks amid panic buying. More recently, higher global oil prices have pushed average pump prices back to $1.82 for unleaded and $2.19 for diesel, even before the full excise is restored. Related Article Energy Can Australia dodge the next Iran oil shock?