Supply

Members reportedly agree rise of 206,000 barrels a day in May but move symbolic with strait of Hormuz effectively closedMiddle East crisis – live updatesIranian drones struck Kuwait’s oil infrastructure on Sunday, causing “severe material damage” that threatened to further disrupt oil supplies already hit by the US and Israel’s war with Tehran.It came hours before members of the Opec+ group that represents major global oil suppliers gathered to discuss how to bolster output despite Iran’s effective closure of the crucial strait of Hormuz shipping route. Continue reading...

Federal government chases supply guarantees from countries including Singapore, South Korea, Malaysia and Japan amid Iran warGet our breaking news email, free app or daily news podcastAsian trading partners have reassured Australia that the “normal supply” of fuel will continue amid the Middle East conflict, as the government prepares to intensify efforts to avert shortages of petrol and diesel.The federal government has been chasing supply guarantees from countries including Singapore, South Korea, Malaysia and Japan as the Iran war and closure of the strait of Hormuz wreaks havoc on the global oil market. Continue reading...

As Trump suggests Middle East oil disruption is not his problem, experts say talk of US ‘energy independence’ is a smokescreen – with consumers paying the priceA month has passed since the US and Israel’s war on Iran all but closed the strait of Hormuz, through which about a fifth of the world’s oil supplies typically flow. Prices have surged, amid fears of sustained disruption to global supplies.Donald Trump argues this is not his country’s problem. “Go get your own oil!” the president urged countries, including the UK, earlier this week. The US has “plenty”, he added. The US is “totally independent” of the Middle East, the president claimed in a prime-time address on Wednesday. “We don’t need their oil.” Continue reading...

• AI recruiting platform Mercor confirmed a cybersecurity incident from a supply chain attack on open-source project LiteLLM, with hacker group Lapsus$ claiming data access and theft. • The breach exposed Mercor's systems, highlighting vulnerabilities in AI supply chains used by startups for model integration. • This incident underscores rising risks for AI firms relying on third-party libraries, potentially impacting hiring trust and data security standards.

• The U.S. government has designated Anthropic's Claude AI model as a potential supply-chain risk amid evaluations for military applications. • This follows Department of Defense introductions of new guardrail policies for military AI use, with xAI’s Grok also entering classified systems. • The move highlights growing scrutiny on AI models' security and reliability for national defense.

Albanese announces forthcoming legislation to guarantee private sector purchases of fuel and fertiliserThe Australian government will take on the financial risk of importing essential products affected by the war in the Middle East to get additional supplies of petrol, diesel, and fertiliser into the country.The prime minister, Anthony Albanese, announced the new fuel security powers on Saturday after a month of soaring diesel and petrol prices and widespread shortages at service stations, particularly in regional Australia. Continue reading...

Intelligence reports find Russia is close to completing phased shipment of drones, medicine and foodMiddle East crisis – live updatesIntelligence agencies in Europe believe Russia is in the final stages of preparing to supply supply drones to Iran for use in its war with the US and Israel, according to a senior European official.Russia has already been providing intelligence sharing with Tehran to help it target US forces in the region, the official said, but the upcoming delivery of explosive-laden drones would mark the first evidence of lethal support since the start of the war. Continue reading...

Latest figures from ACCC show diesel and unleaded petrol prices across the five largest cities up 10% and 8% respectivelyFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe prime minister and energy minister moved to reassure the public about normal or even higher levels of fuel supply in the coming weeks, as the Coalition escalated calls for a cut to the fuel excise and the government downplayed the prospect of any major restrictions on petrol sales.It comes as the latest figures from the consumer watchdog showed diesel prices across Australia’s five largest cities have risen by an average of 10% over the last week, while unleaded petrol was up 8%. Continue reading...

• U.S. District Judge Rita Lin ruled in favor of AI firm Anthropic, temporarily blocking the Pentagon from branding it a supply chain risk after failed defense contract talks. • The ruling also halts President Trump's directive for federal agencies to stop using Anthropic's Claude AI, following a hearing on March 24 in San Francisco federal court. • Judge Lin criticized the measures as punitive rather than protective, noting the government could simply cease using Claude without broader actions.

• Anthropic filed a lawsuit in San Francisco federal court on March 24, 2026, urging a judge to block the Pentagon's designation of the AI firm as a supply-chain risk. • The company described the label as 'unprecedented and stigmatizing,' amid a feud with the Trump administration over potential AI use in warfare. • A hearing occurred on Tuesday before Judge Lin, with Anthropic also filing a separate case in Washington, D.C. federal appeals court.