Australia secures new fuel supplies

Major petrol and diesel suppliers have been racing to secure alternative sources after the conflict in the Middle East throttled traditional shipping routes through the Strait of Hormuz.

Despite the incoming shipments, industry experts caution that the new supplies may not last more than a month if the war continues to escalate.

The fuel crisis has already sparked chaos in some cities, with police forced to shut down a $100,000 fuel giveaway in Melbourne due to traffic mayhem.

Westpac's CEO has warned that the ongoing energy shock and rising interest rates have significantly increased the risk of a recession.