Barrels

• The U.S. Energy Department announced plans Wednesday to loan an additional 10 million barrels of crude from the Strategic Petroleum Reserve as part of a 172 million-barrel drawdown. • West Texas Intermediate crude prices exceeded $112 per barrel due to ongoing Iran conflict disruptions, prompting the reserve release to curb domestic fuel costs. • Critics warn the extensive SPR drawdown heightens U.S. energy vulnerabilities during prolonged geopolitical tensions and supply chain risks through key chokepoints.

Affected communities in Queensland and the NT can apply for an Australian government disaster recovery payment from 2pm SaturdayGet our breaking news email, free app or daily news podcastThousands of people are bracing for Severe Cyclone Narelle as it barrels towards the Northern Territory, with winds of up to 195km/h expected from the dangerous storm as it moves west from far north Queensland.Narelle was downgraded from a category four to a two as it moved through the Gulf of Carpentaria after making landfall across Cape York on Friday, forecasted to hit eastern Top End late Saturday. Continue reading...