FEAR & GREED | Business News ASX to tumble as oil soars; petrol rationing begins; AusPost’s 3,000 parcels a minute
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Mar 8, 2026 Oil surging past US$92 sparks market jitters and geopolitical fallout tied to Strait of Hormuz tensions. Petrol wholesalers begin rationing and panic-buying concerns rise. Australia Post revealed a peak of 3,075 parcels per minute during Christmas. Auctions showed unexpected strength while data centres fuel a boom in temporary worker camps.
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Oil Spike Threatens Markets And Inflation
- Oil surged above US$92 a barrel after feared Middle East supply disruptions and Strait of Hormuz closures, driving ASX futures nearly 2% lower.
- Brent leapt to $92.69 amid strikes, output cuts by UAE and Kuwait, and a 34% monthly rise in oil prices.
Higher Oil Can Trigger Stagflation Dynamics
- Higher oil raises transport and production costs, squeezes consumer spending, and can push central banks toward interest-rate hikes.
- That combination risks stagflation: slower growth with rising prices, complicating policy responses.
Fuel Prices Could Sting Incumbents At The Ballot
- Sean and Michael note rising petrol prices become a political problem for the Trump administration ahead of midterms.
- They link rising fuel costs and slowing growth to voter dissatisfaction and electoral risk.