What happened
Brent crude prices remained firm near US$102.25 per barrel following a G7 agreement to release 100 million barrels of emergency oil reserves. Market participants viewed the release as insufficient to cap prices because the volume will be distributed over four months rather than deployed immediately.
Why it matters here
Shrinking global oil stockpiles in the US and Europe leave energy markets vulnerable to further supply shocks. Russian refining disruptions have tightened regional diesel supply, maintaining upward cost pressures on freight, agriculture, and general transport for Australian businesses and consumers.
What to watch
Official updates regarding US military deployments in the Middle East and refined fuel export restriction decisions from Chinese authorities.
Source
ausbiz.com.au