Australia’s fuel supply strains have intensified after a fire at Viva Energy’s Corio refinery in Geelong, one of the nation’s two remaining processing plants and a key supplier to Victoria. The incident, which followed reports of explosions and took about 13 hours to extinguish, raises concerns over regional fuel availability and potential ripple effects on global oil benchmarks such as Oil – US Crude.
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Over the past month, Oil – US Crude has declined about 4.9%, reflecting softer demand expectations and shifting risk sentiment despite ongoing geopolitical tensions. The current 1-day technical view for the contract is a cautious Hold, suggesting traders are awaiting clearer signals on supply disruptions and broader macro drivers before materially repositioning. Investors can explore more updates, prices, and analysis across global markets at Commodities.