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Energy minister says war on Iran creating ‘uncertain environment’ but insists government doing ‘all the preparatory work’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastSix oil ships bound for Australia have been cancelled in recent days but the federal government is not yet considering any drastic measures, the energy minister, Chris Bowen, says.Bowen said on Sunday that six ships from Malaysia, Singapore and South Korea, that had been expected to arrive next month, were cancelled or deferred. The federal government was working to replace the ships, with some already substituted, the minister told ABC TV. Continue reading...

• U.S. stock markets closed lower Thursday as an energy shock continued weighing on investor sentiment, with the S&P 500 falling 0.27%, the Dow Jones Industrial Average dropping 0.44%, and the Nasdaq Composite declining 0.28%. • Commodity-linked stocks experienced severe selloffs: gold fell 4.94%, aluminum dropped over 5%, mining shares plummeted with Hycroft Mining sliding 12.4% and Century Aluminum falling 10.3%. • Asian markets showed mixed performance Friday, with South Korea's Kospi rising 0.6% and China's Shanghai Composite edging 0.2% higher, while Hong Kong's Hang Seng slipped 0.6%, Australia's S&P/ASX 200 fell 0.5%, and Taiwan's Taiex declined 0.2%, with Japan's markets closed for a holiday.

Governments in countries heavily reliant on Middle Eastern oil introduce measures to shield public from soaring costsMiddle East crisis – live updatesIn Thailand, news anchors ditched their jackets on air as the government called on the public to reduce their use of air conditioning to save energy. In the Philippines, many government workers are now operating on a four-day week. In Vietnam, officials have urged employers to allow staff to work from home.Across south-east Asia, governments are scrambling to find ways to conserve energy and shield the public from soaring costs as war in the Middle East causes what the International Energy Agency has described as the largest supply disruption in the history of the global oil market. Continue reading...