Government in February approved an average premium increase of 4.41% from today. Follow today’s news liveGet our breaking news email, free app or daily news podcastAustralia contributing to offensive action in Strait of Hormuz ‘in national interest’, says shadow foreign ministerThe opposition says we should be “open” to sending assets and personnel to open up the Strait of Hormuz, but questioned Australia’s capability.The key question is, is it in our national interest? And my view is yes, it is. The second question is, what can we contribute in a material sense, that part of the equation we are yet to understand? And I think they’re the two questions that need to be answered … but I believe we should be open to making contribution. Continue reading...
Many countries in Europe have called the conflict illegal, with some blocking Israeli and US planes from moving weapons through their airspaceDonald Trump has launched a tirade against European countries that refused to join his war against Iran, calling out the UK and France, as transatlantic relations soured from the spiralling conflict that has wreaked havoc on the global economy.On his Truth Social website, the US president told governments worried about fuel prices to “go get your own oil” by force from the Gulf, comments that sent oil prices even higher. Continue reading...
• President Trump yesterday escalated rhetoric by renewing threats to 'completely obliterate' Iranian power plants, oil production facilities, and possibly all infrastructure.
• The statement comes amid ongoing U.S. military pressure on Iran, with diplomatic outcomes remaining unclear after three months of conflict.
• This hawkish posture risks further entangling the U.S. in the region, potentially impacting domestic politics and midterm races.
Critics say exemption exploits White House’s ‘self-made gas crisis’, and could doom the rare Rice’s whaleSign up for the Breaking News US email to get newsletter alerts in your inboxA US government panel on Tuesday exempted oil and gas drilling in the Gulf of Mexico from the Endangered Species Act (ESA), a move which critics say could doom a rare whale species and harm other marine life.The Endangered Species Committee – which had not convened in more than three decades – voted to approve the request for the ESA exemption at the request of the defense secretary, Pete Hegseth. Continue reading...
• US President Donald Trump threatened Monday to destroy Iran's Kharg Island crude oil export hub, along with oil wells and power plants, unless Tehran quickly accepts a deal to end the US-Israeli war.
• The threat of potential US ground operations to seize Kharg Island is creating significant tremors through financial and energy markets, as well as raising concerns among neighbouring Gulf countries.
• Trump expressed hope about talks with a "more reasonable regime" in Tehran on his Truth Social network, an apparent reference to new leadership despite the month-long war failing to dislodge the Islamic Republic.
• Asian stock markets declined sharply as geopolitical tensions persisted, with South Korea's Kospi dropping 3.4%, Japan's Nikkei 225 falling 1.2%, and Taiwan's Taiex losing 2.2%, erasing year-to-date gains for some indexes.
• Oil markets remained elevated with Brent crude holding near $113 per barrel and US benchmark crude at approximately $103, marking a surge of more than 40% since the Iran conflict began five weeks ago.
• A reported drone strike on a Kuwaiti oil tanker and ongoing regional attacks reinforced supply security concerns, keeping markets highly sensitive to geopolitical developments despite signals the US may seek conflict resolution.
Dubai officials said a fire on the Al Salmi tanker had been extinguished and all crew members were safe after drone strikeMiddle East crisis – live updatesHow could US forcibly reopen strait of Hormuz and what are the risks? Iran attacked and set ablaze a fully loaded crude oil tanker at Dubai port’s anchorage, with the strike damaging the vessel’s hull and raising concerns about a possible oil spill.Dubai authorities said the drone attack caused a fire on board that was extinguished early on Tuesday, hours after the attack was first reported. The attack came hours after Donald Trump warned that the US would obliterate Iran’s energy plants and oil wells if it does not open the strait of Hormuz. Continue reading...
Kuwait says fire broke out after Iranian attack on giant tanker and warns of possible oil spill in surrounding watersHello and welcome to our continuing live coverage of the US-Israel war on Iran and its impact on the region, the world and the global economy.Iran attacked and set ablaze a fully loaded crude oil tanker off Dubai on Monday while Donald Trump warned the US would obliterate Iran’s energy plants and oil wells if it did not open the strait of Hormuz.Blasts were heard in Tehran and power cuts hit some areas of the capital, Iranian media reported on Tuesday. Israel earlier carried out missile strikes on what it called military infrastructure in Tehran and infrastructure used by Iran-backed Hezbollah in Beirut, leaving black smoke hanging over the Lebanese capital.Two successive Iranian missile launches targeted central Israel, the Times of Israel reported, quoting the emergency service as saying it had not received any reports of injuries.Turkey reported a ballistic missile launched from Iran had entered Turkish airspace before being shot down by Nato air and missile defences.Oil prices were headed on Tuesday for a record monthly rise while Asian shares were headed for their steepest fall since 2022, capping a tumultuous month as the war fanned fears of higher inflation and slower growth. Bonds were headed for their largest decline in months, while the dollar recorded its strongest gain in eight months.The US national average retail price of fuel crossed $4 a gallon for the first time in more than three years on Monday, data from price-tracking service GasBuddy showed, as tightening global supplies pushed US crude prices above $101 a barrel.Three UN peacekeepers from Indonesia were killed in two separate incidents in southern Lebanon.Thousands of soldiers from the US Army’s elite 82nd Airborne Division have started arriving in the Middle East, two US officials told Reuters. , as part of a reinforcement that would expand Trump’s options to include the deployment of forces inside Iranian territory, even as he pursues talks with Tehran.The White House later said talks with Iran were progressing and Trump wanted to reach a deal with Tehran before a 6 April deadline he set last week after extending an earlier deadline he had set for Iran to open the largely blocked strait of Hormuz oil route.Trump had told aides he is willing to end the military campaign against Iran even if the strait or Hormuz remains largely closed and leave a complex operation to reopen it for a later date, the Wall Street Journal later reported.Iran said on Monday it had received US peace proposals via intermediaries and that they were “unrealistic, illogical and excessive”. Continue reading...
• U.S. stocks edged higher on March 30, 2026, with the S&P 500 rising 0.2% in afternoon trading after its worst week since the war with Iran began.
• The Dow Jones Industrial Average gained 257 points, or 0.6%, while the Nasdaq and Russell 2000 also advanced amid ongoing market volatility.
• Oil prices continued climbing due to uncertainty over the timeline of the U.S.-Iran war, contributing to swinging trading sessions on Wall Street.
Stock markets in Asia drop sharply, with investors nervous over escalation of Middle East conflictBusiness live – latest newsThe price of oil has risen sharply to $116 a barrel after Donald Trump said he wanted to “take the oil in Iran”, sending Asian stock markets tumbling.Brent crude, the international benchmark for oil, rose by 2% in early trading on Monday, after Trump said that he could seize the Iranian export hub of Kharg Island. Continue reading...
US president tells Financial Times his ‘preference would be to take the oil’ but that ‘some stupid people back in the US say: “why are you doing that?”’Full report: Iran accuses US of plotting ground assault while publicly seeking talksAnalysis: what the Houthis’ entry into the Iran war means for the conflict and the wider regionThe price of brent crude had now gone over $116 a barrel, while stock markets have slumped in Asia as investors dig in for a protracted Gulf conflict that could bring a spike in inflation and the risk of recession to much of the globe.Brent crude was just over $70 a barrel when the war started last month and prices have risen by over 50% since. Continue reading...
The factories, which buy cheap crude and turn it into fuel, are struggling as higher oil prices threaten their razor-sharp margins The towns that are the bulwark of China’s energy security can, at a moment of global crisis, appear deceptively quiet. Trucks carrying oil trundle along wide-open highways that have little traffic, while a few boarded-up shops in crumbling low-rise buildings hint at a long-forgotten local buzz.A ramshackle noodle shop serving hand-pulled ribbons of dough was empty at lunchtime, save for a few construction workers and a teacher watching videos on Douyin, the social media platform, with his meal. Continue reading...
Anatoly Kolodkin could soon discharge at Matanzas port, US official says, three months after Cuba’s last oil importA Russia-flagged tanker carrying Russian crude entered Cuba’s exclusive economic zone on Sunday, according to ship tracking data, in what could be the Caribbean country’s first oil import in over two months.Tanker Anatoly Kolodkin, which departed from Primorsk after loading some 650,000 barrels of Urals crude, could soon discharge at Cuba’s Matanzas port if it does not change its current course, according to tracking services MarineTraffic and LSEG. Continue reading...
Brent crude jumps 51% since start of March and gold suffers fifth-largest monthly fall in 50 yearsMiddle East crisis – latest updatesThe Brent crude oil price is on track for its biggest monthly gain on record in March after the Iran war caused mayhem in the markets.Brent crude, the international benchmark, has climbed by 51% since the start of March, LSEG data shows, beating the previous monthly record of 46% in September 1990 after Saddam Hussein invaded Kuwait, leading to the first Gulf war. Continue reading...
Conservative leader expected to call for government to lift suspension on licences in drive to reduce energy pricesKemi Badenoch is “peddling a dangerous fantasy” about North Sea energy in her attempt to reverse a ban on new oil and gas licences, a leading campaign group has said.The Conservative leader is expected to call on the government to lift its suspension of the licences as part of a drive to reduce energy prices, as the party launches a new campaign aimed at boosting the fossil fuel sector. Continue reading...
Incident in the city’s 8th arrondissement reportedly involved a homemade explosive deviceFrench police stopped an apparent bomb attack outside a US bank in Paris on Saturday when they arrested a man about to set off a homemade explosive device, officials and sources close to the case said.The incident occurred at roughly 3.30am in front of a Bank of America building in the city’s 8th arrondissement, a couple of streets away from the Champs-Élysées. Continue reading...
• Crude oil prices have climbed to their highest levels since 2022, driven by geopolitical tensions from the ongoing Iran war and uncertainty over shipping through the Strait of Hormuz.
• President Trump extended his self-imposed deadline to "obliterate" Iran's power plants to April 6, contingent on Iran allowing oil tankers to freely exit the Persian Gulf through the Strait of Hormuz.
• The elevated oil prices are contributing to market volatility, with Wall Street experiencing daily fluctuations as investor sentiment shifts between hopes for war resolution and renewed concerns.
Nerdeen Kiswani, founder of Within Our Lifetime group, says FBI told her plot against her life was ‘about to’ take placeSign up for the Breaking News US email to get newsletter alerts in your inboxFederal US law enforcement has foiled a plot to assassinate New York-based Palestinian American activist Nerdeen Kiswani.Kiswani wrote in post on X that late on Thursday, the FBI joint terrorism task force informed her that a plot against her life was “about to” take place, and that agents had conducted an operation in Hoboken, New Jersey in connection to the plot. Continue reading...
• President Trump stated at a Thursday cabinet meeting that Iran is "begging to make a deal" to end the war, claiming Iran has offered him "eight big boats of oil" as a goodwill gesture—later revising the number to 10.
• Trump insisted he is not the one pushing for negotiations despite Iran's repeated official denials of direct talks with the United States as the conflict enters its fourth week.
• U.S. Special Envoy Steve Woodcock indicated strong signs Iran could be convinced to reach a peace deal, while Trump also criticized NATO allies for failing to send naval assets to secure the Strait of Hormuz.
• President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz by 10 days, pausing potential air strikes on power plants after closing the vital trade route.
• Oil prices climbed higher due to Middle East conflict concerns, while Asian and European markets closed lower; US stocks ended Thursday down with Nasdaq in correction territory at 21,408.08.
• ECB President Christine Lagarde warned equity markets are 'too optimistic' amid the 'real shock' in Iran, as Dow fell 1% to 45,960.11 and S&P 500 dropped 1.7% to 6,477.16.
Australian counterterrorism experts observe December shooting came amid years of messaging from terror group urging followers to act ‘on their own initiative’Get our breaking news email, free app or daily news podcastThe Bondi beach terror attack occurred amid an international spike of anti-western plots in December last year that appeared to be “inspired or instigated” by Islamic State, a new report has found, with many of them targeting holiday events such as Christmas markets.In research published by the West Point Combating Terrorism Center in its publication Sentinel on Thursday, Australian counterterrorism experts Andrew Zammit and Levi West examined Islamic State’s strategic shifts and jihadi tactics in Australia prior to the alleged antisemitic terrorist attack. Continue reading...
Rising energy bills give Reform and Tories opening to attack net zero while government hesitant to make case for clean energyCould net zero become “the next Brexit”? That is the fear stalking climate advocates as the oil crisis caused by the war on Iran starts to bite.A powerful coalition of the well-funded Reform party, led by Nigel Farage, the Conservative party, some business interests, and the UK’s right-wing media, are engaged in an onslaught against the longstanding target of reaching net zero greenhouse gas emissions by 2050. Continue reading...
Giorgia Meloni made public request for Daniela Santanchè to quit in effort to restore credibility after voters rejected judicial reformItaly’s embattled tourism minister has resigned, heeding a call from Giorgia Meloni to step down as the prime minister strives to restore credibility after a bruising defeat in a referendum that has thrown her far-right government into turmoil.The resignation on Wednesday of Daniela Santanchè, a prominent and brash member of Meloni’s Brothers of Italy, came after the prime minister took the unusual step of calling in a public statement for the minister to go. Continue reading...
Markets in Asia and Europe move higher, while crude hovers at about $100 a barrel amid cautious optimismBusiness live – latest updatesThe price of oil has dipped and Asian stock markets moved higher after reports that Donald Trump has sent a 15-point framework for peace to Iran, amid hopes of a ceasefire in the Middle East.Oil prices had fallen by 4% in the early hours of Wednesday, with brent crude futures sinking below $100 a barrel and even moving as low as $97.57 as trading was influenced by the prospect of an end to the conflict easing the squeeze on oil supply. Continue reading...
Fuel stocks at same level as when US and Israel launched their war on Iran a month ago, energy minister saysFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe federal government is preparing for scenarios where global oil prices spike above US$120 a barrel, as diesel prices nationwide go past $3 a litre and the prime minister, Anthony Albanese, plans another national cabinet meeting to plan petrol supply.The treasurer, Jim Chalmers, said one option under consideration was expanding ethanol mandates across the country, after Guardian Australia revealed the government was analysing increasing the biofuel’s supply. Continue reading...
Iran Guards said they fired missiles at Israel and US forces in bases in Kuwait, Jordan and Bahrain; crude oil prices fall sharply in early tradingTrump’s rehashed 15-point Iran plan unlikely to appease TehranDisruptions to international fertiliser supplies caused by the closing of the strait of Hormuz will cause food scarcity and high prices, the World Trade Organisation’s deputy director general, Jean-Marie Paugam, told Agence France-Press.A third of the world’s fertilisers normally transit the strait, which has been virtually closed by Iran since the start of the war. Continue reading...
• S&P 500 dropped 0.80%, Dow Jones fell 0.83%, and Nasdaq 100 declined 0.98% in early trading on March 24, 2026, amid Middle East tensions.
• Crude oil surged over 4% to $91.80, up $3.67, as Iran's parliament speaker Mohammad Bagher Qalibaf denied US negotiations, contradicting President Trump's claims of productive talks.
• Citi analysts warn prolonged conflict could push oil to $200 per barrel, heightening inflation fears and pressuring equities.
GB Energy chief Jürgen Maier says boost could bring economic benefits amid energy cost crisis and actually help transition from fossil fuelsThe head of the UK’s national green energy champion has joined other high-profile renewable energy leaders in making the case for more North Sea oil and gas production as the government braces for an energy cost crisis.GB Energy boss Jürgen Maier used a social media post on LinkedIn to reject the claim that more North Sea oil and gas could help to bring down energy costs which have soared as the war in Iran has escalated. Continue reading...
Images and videos online showed large plume of smoke and flames billowing out from refinery, but no one was injuredSign up for the Breaking News US email to get newsletter alerts in your inboxAn oil refinery fire near the Texas coast was put out on Tuesday and a temporary shelter-in-place order was lifted, hours after a large explosion at the complex shot plumes of smoke into the air, officials said.No one was injured in Monday’s explosion at the Valero refinery in Port Arthur, about 90 miles (145km) east of Houston, said Charlotte M Moses. The Port Arthur mayor had urged residents in parts of the west side of the city to stay put. Continue reading...
PM Sanae Takaichi says about 80m barrels of stockpiled oil to be provided to refiners – equivalent to 45 days of domestic demand • Middle East crisis – live updatesJapan will begin the biggest-ever release of oil from its strategic reserves this week, the prime minister, Sanae Takaichi, has said, as the country braces for possible shortages caused by the US-Israel war on Iran.The government last week approved the release of 15 days’ worth of private-sector reserves, amid concern that the conflict in the Middle East will continue to hinder the flow of tanker traffic along the strait of Hormuz. Continue reading...
