Australia plans to provide a backstop for private companies to purchase fuel in order to address the risks of supply from the Middle East.

With the ongoing tension in the Middle East, the risk of war intensifies the uncertainty of fuel supply. Australia plans to introduce new measures to ensure fuel supply security, including providing insurance support for private sector purchases of fuel from the international market. Australian Prime Minister Anthony Albanese announced in a press conference on Saturday that the government will provide insurance for fuel transportation through the export credit agency - the Export Finance and Insurance Corporation. The related measures will be formally introduced as an amendment to the Export Finance and Insurance Corporation Act next Monday. Albanese stated, "In simple terms, due to the significant uncertainty brought about by the Middle East conflict, private companies may face the risk of price spikes when purchasing full shiploads of fuel. This measure aims to help them mitigate risks and ensure domestic fuel supply." Currently, the issue of fuel supply shortages has begun to manifest, with hundreds of gas stations reporting low inventory. The agriculture and mining sectors are also affected, but Albanese assured that the supply is still secured in the short term. Affected by the conflict, the price of Brent crude oil has been consistently above $100 per barrel recently. With the Iranian government planning to impose transit fees in the Strait of Hormuz, which is essentially closed during conflicts, oil prices may further rise. A special task force led by former energy regulator Anthea Harris has been coordinating the response to this energy crisis. The government has also lowered the mandatory fuel reserve requirements for bulk importers and refineries, and adjusted the trigger mechanism for payments for fuel security services.