Panic

Energy minister says country’s fuel supply has yet to be affected by war, following meeting with suppliers and retailersFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastChris Bowen has insisted the country’s fuel supply is yet to be affected by the war in the Middle East while criticising a rush to buy jerry cans to fill up with petrol as “un-Australian”.The energy minister made the comments after an emergency meeting with major fuel suppliers and retailers, that was convened by the Australian Competition and Consumer Commission (ACCC) to demand explanations for the recent surge in petrol prices. Continue reading...

NRMA says record-high fuel may be here to stay in Sydney, Melbourne and Brisbane after prices soared early in the Middle East conflictFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastDozens of service stations across Australia have run out of petrol as distributors struggle to keep up with customers panic-buying as the conflict in the Middle East continues to disrupt prices.The NRMA has warned regulators “missed” the chance to stop price hikes, as booming wholesale demand pushes fuel prices to a “permanent high” on the east coast. Continue reading...

• US financial markets face 'peak war panic' in 1-3 weeks amid US-Iran conflict entering its third week, with Strait of Hormuz effectively closed and oil prices at risk of hitting $200/bbl in 2026. • S&P 500 is down only 3% year-to-date and 5% from all-time high, indicating investors not yet panicking despite US attacks on Iran's Kharg Island oil terminal and deployment of 2,500 Marines to Mideast. • Escalation includes Iran targeting civilian infrastructure in Gulf neighbors and threatening major ports, potentially spilling over to agricultural commodities and semiconductors via shortages in fertilizer and helium.