Watch: Australia slashes fuel tax as oil prices surge

Australia has announced a temporary fuel tax cut as rising global oil prices—driven by the Iran war—hit households hard. Prime Minister Anthony Albanese said the government will halve fuel excise and remove road user charges for three months, reducing prices by over 26 cents per litre. The move comes as oil flows through the Strait of Hormuz are disrupted, pushing global crude prices sharply higher. Despite increased fuel reserves, Australia still faces supply concerns. Here’s what this means for consumers, the economy, and global energy markets.