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Some good news for motorists, at the expense of Russia and Saudi Arabia.
The price of oil dropped steeply overnight, with Brent crude down 4% to $US71.97.
The story is, of course, one of supply and demand. In this case, demand from China's economic reopening is weaker than expected, but the supply story is far more intriguing.
"The market is becoming increasingly concerned over the potential of a supply war between Saudi Arabia and Russia," wrote NAB's Rodrigo Catril this morning.
"Saudi Arabia is trying to reduce supply and last week the largest global oil exporter, announced a plan to decrease output by 1 million barrels per day (bpd) in July, bringing it down to 9m bpd.
"But with Russia in need of money to fund its Ukraine invasion, we now know that Russian oil exports to China and India surged to record high levels in May.
"The contrasting Saudi vs Russia supply strategies are now causing tensions in the market, further exacerbated by a sluggish recovery of Chinese demand.
"Not helping sentiment, overnight, Goldman Sachs revised down its oil price forecasts for the third time in six months."