FEAR & GREED | Business News Oil surges, petrol fears; Atlassian cuts 1600 jobs; 1 in 7 Aussies experience fraud
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Mar 12, 2026 Oil prices spike after supply disruptions, sparking petrol and travel concerns. Australia eases petrol rules and households show the first dip in spending since 2024. Atlassian slashes 1,600 roles to pivot toward AI. Personal fraud climbs to affect one in seven Australians. Netflix snaps up an AI film studio and the UK plans wildlife-themed banknotes.
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Temporary Loosening Of Petrol Standards To Shore Up Supply
- Australia temporarily eased petrol emission standards to allow higher sulphur fuel and add ~100 million litres a month to domestic supply amid a sharp Brent crude surge above $100 a barrel.
- The move follows supply disruptions: Iraqi oil port stoppages and Oman moving its tanker fleet away, prompting a 400 million barrel IEA emergency release.
Middle East Disruptions Are Turning Into A Prolonged Supply Squeeze
- Oil markets shifted from a short geopolitical shock to a prolonged supply squeeze after attacks on tankers and terminals, lifting prices and pressuring inflation and rates.
- Brent crude jumped nearly 10% and Australia's S&P ASX 200 fell 1.3% with energy up and tech/property down.
Watch Discretionary Spending Before Rate Decisions
- Household spending fell 0.5% month-on-month and annual growth slowed to 4.9%, signalling discretionary categories are first to soften.
- With the RBA board meeting next week, major banks now expect rate hikes in March and May.