← April 16, 2026 briefingClimate
Australia Fuel Crisis Deepens as Refinery Blaze Rages
A massive fire has engulfed the Viva oil refinery in Geelong — one of Australia's only two remaining refineries — and was still out of control by dawn Thursday, hitting a facility that supplies half of Victoria's fuel and 10% of the nation's. The federal government has already released fuel reserves and cut excise taxes amid a pre-existing global supply crunch, and the blaze is now threatening to make things significantly worse.
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Will WTI Crude Oil (WTI) hit (LOW) $80 in April?44% chance






