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Australia Fuel Crisis Deepens as Refinery Blaze Rages
Climate

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.

MarketWhat will WTI Crude Oil (WTI) hit in April 2026?
Will WTI Crude Oil (WTI) hit (LOW) $80 in April?44% chance
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