Fuelcast: Will 'the oil flow'?
6/15/20267 min
“Ships of the world, start your engines. Let the oil flow!”
That was US President Donald Trump on Truth Social after news that the US and Iran had reached a ceasefire agreement - a deal Iran has also confirmed.
But we've been here before - and while the announcement is dramatic, plenty of questions remain. Will the oil really flow? How will we know when the Strait of Hormuz is truly open? How long will it take for fuel supply to normalise? And what happens next for oil prices?
Carrington Clarke and Alan Kohler help you keep on top of the numbers behind the ongoing energy crisis on Fuelcast on ABC Business Daily.
Got a burning brent crude question?
Send an email to Carrington and the team abcbusinessdaily@abc.net.au
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First 90 secondsSpeaker 10:00
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Carrington Clarke· Host0:05
[upbeat electronic music] Welcome to Fuel Cast. I'm Carrington Clark, and this is your source to stay on top of the numbers behind the ongoing global energy crisis. It's Monday, June the 15th. We are recording mid-morning amid a flurry of activity, but let's look at the latest figures. Since we last checked in, the price of Brent Crude has now plummeted. It's sitting below $84 US a barrel. The national average price of unleaded is sitting at $1.71 per liter, and the national average price of diesel has shot up to $2.32 per liter. Today, I'm joined by Alan Kohler to dig into the major energy headlines. Good morning, Alan.
Alan Kohler· Guest0:49
Good morning, Carrington.
Carrington Clarke· Host0:50
All right, Alan, let's... A, a lot has happened this morning. It does feel like it is momentous, although there's a lot of caveats that we have thought we were close before, though this does seem to have actually resulted in some sort of agreement. Is it a peace deal? Is it just a new ceasefire? Donald Trump says, "Ships of the world, start your engines." This is kind of the first confirmation we had from his end of this deal being struck. He's also suggesting that the oil should start flowing. Now, we believe that the Strait of Hormuz will open up on Friday local time. Um, now, there are differences seemingly, or contradictions between exactly