If there is one prevailing misconception about the war in Iran, it is the idea that the closure of the Strait of Hormuz will hurt the US the most.  This is simply not the case.  In reality, only around 7% of US oil imports actually travel through the Hormuz to get to American markets.  The potential long term instability in the strait is far more damaging to economies in the East, and by extension, Australia faces potential crisis. Direct petroleum imports are not the biggest problem for Australia; around 15% of their oil crosses the Hormuz.  Instead, the country relies heavily on refined fuel products exported from Asia, and Asian countries rely on the Hormuz for 40% to 70% of total oil needed for the refining process.  Over 50% of Australia’s refined fuel products rely on oil passing through the Hormuz.    This means that a vast majority of Australia’s diesel, gasoline, jet fuel and kerosene is on the verge of a supply collapse should the Hormuz remain under threat.  Experts suggest the country has one month before crisis strikes and rationing is implemented.   Contracted shipments of oil to Australia were all but guaranteed for at least the next month, Energy Minister […]