Fuel crisis hits global markets

The ongoing war and the closure of the Strait of Hormuz have created a global energy supply crunch, with Hong Kong now recording the world's highest petrol prices.

Australian fuel companies are warning of a long recovery to pre-war levels, even as the federal government seeks supply guarantees from Asian partners.

The crisis is forcing changes in consumer behavior, with many Australians adjusting their travel plans and commute methods to cope with rising costs.

Experts warn that the economic fallout could lead to broader inflationary pressures and household stress worldwide.