Squiz Today Global oil supplies are in focus, and Melbourne's named a winner
Mar 11, 2026
Global oil supply moves are under the microscope after attacks near the Strait of Hormuz and a big strategic reserve release. Rising petrol prices and Iran's threats are discussed. Political shifts in the Nationals and an upcoming by-election get attention. Widespread flooding hits the Northern Territory and Bundaberg. Melbourne is celebrated as the world’s top city and the Women’s Australian Open gets a preview.
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Strait Of Hormuz Threatens Global Oil Flow
- The Strait of Hormuz handles about a fifth of the world’s daily oil supplies and attacks there are driving global price volatility.
- Andrew Williams notes the route is narrow and recent attacks on ships from Japan, Thailand and the Marshall Islands have prompted shipping reroutes and higher oil prices.
IEA Releases 400 Million Barrels To Ease Prices
- The International Energy Agency approved its largest-ever release of strategic oil reserves, around 400 million barrels, to ease market pressure.
- Alice Dempster cautions releases take time, so economic pain from supply disruption will persist despite the IEA move.
Iran Signals Oil Could Surge To $200 A Barrel
- Iran warned it will keep pressure on energy markets and a military spokesperson predicted oil could hit $200 a barrel from current ~$90 levels.
- Andrew Williams connects that possibility to already noticeable petrol rises in Australia and wider economic pain.