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Reports from the Israeli Defence Forces (IDF) indicate a relentless wave of Iranian attacks targeting Israeli soil. These developments have added another layer of complexity to an already volatile situation.
Amidst this turmoil, the global energy market is feeling the effects, with oil prices climbing due to Iran’s blockade of the Strait of Hormuz. This strategic chokepoint’s closure has propelled Brent crude oil to soar, reaching $US100 ($139) per barrel for the second time this week, a stark reminder of the conflict’s far-reaching impact.
In Australia, drivers are experiencing the sting of these rising prices at the pump, despite the federal government’s assurances of robust oil reserves. The situation has sparked a political debate over the nation’s fuel supply, with officials reiterating that there is no shortage, even as concerns grow.
To address potential shortages, particularly in regional areas, the federal government has taken steps to ease the situation. By temporarily relaxing fuel standards for 60 days, they aim to inject an additional 100 million litres into the economy, a move intended to stabilize supply and curb rising prices.
Nevertheless, as tensions mount and fuel supply becomes a hot-button issue, government officials continue to stress that the nation’s reserves remain secure. The unfolding scenario underscores the intricate connections between global events and local ramifications, particularly in the energy sector.
Tensions have flared on both sides of politics over the supply of fuel in Australia, however the federal government repeated the same point it has continued to make during the war: there is no shortage.
”I understand that people are worried about this. I can assure people that we have enough fuel in total,” Treasurer Jim Chalmers said.
“We are incredibly well-placed as a country and as an economy to deal with the worst the world can throw at us.”
PM Anthony Albanese also urged Australians “not to panic” and said the reserves were healthy.
“The big message for every Australian is don’t panic, the supplies are there,” Albanese said today.
”What the minister has said is this: on the minimum stock holding obligation, petrol: 36 days. Jet fuel: 29 days. Diesel: 32 days.
But the domestic market is not immune to the global price surges.
The Iranian military has warned the world should prepare for the price of crude oil to reach $US200 per barrel, as it reached $1US00 per barrel again this week.
This is despite dozens of countries agreeing to release a record amount of oil from emergency reserves to ease soaring prices and buffer potential shortages.
CBA economists believe the war will last for months rather than weeks, and global energy markets have yet to realise this.
Expats in Middle East urged to come home
Flights are now regularly touching down in Australia from Middle Eastern transit hubs, carrying passengers stuck in the region when the conflict began.
About 3600 Australians have returned from the Middle East, Foreign Minister Penny Wong said.
Wong also said Australian expats living in the Middle East should return home.
“Our advice is that you should, if you can secure a seat, you should leave,” she said.
“Please don’t wait until it is too late.
“We don’t want to see a situation where commercial flights – which are operating but obviously on a limited schedule – where they dry up.”
Trump sidesteps blame over Iran school bombing
An investigation found the US military was attempting to target an adjacent Islamic Revolutionary Guards base in the town of Minab.
But using outdated information, the Tomahawk missile struck the school instead, killing 175 people, mostly children.
When asked about the report, the president told reporters: “I don’t know about that”.
Trump had previously claimed Iran itself had struck the school.
Fresh wave of missile, drone strikes in Gulf region
Iran launched a fresh round of drones and missiles in the Gulf region today.
Underwater drones targeted two foreign oil tankers in Iraq’s territorial waters.
One person was killed and 38 others were rescued in the attack, for which Iran claimed responsibility.
Social media footage shows huge flames and smoke billowing from the damaged tankers.
Iraq’s military group Saraya Awliya al-Dam later claimed seven attacks targeted US military bases across the country.
Earlier today, a drone fell on a building in the Dubai Creek Harbour area, causing a small fire.
No injuries were reported, Dubai’s media office said.
The Ministry of Defence in Saudi Arabia said it intercepted and destroyed over 20 drones launched from Iran in the country’s east.
The drones targeted parts of Saudi Arabia’s oil fields.
Bahraini authorities said it responded to an Iranian attack on fuel tanks in the Muharraq Governorate, in the country’s north-east.
Residents in the area were urged to remain indoors after the incident caused a small fire.
Authorities in Kuwait said it had responded to “hostile missile and drone threats” from Iran today.
Attacks in Lebanon and Israel
In Lebanon, eight people were killed in an airstrike on Beirut’s Ramlet Al-Baida coast early Thursday, according to Lebanon’s Ministry of Public Health.
Israel said it launched another large-scale “wave of strikes” across the country, targeting Hezbollah launchers and infrastructure in the southern Beirut suburb of Dahieh.
CNN teams on the ground in Beirut heard and felt explosions overnight.
And Israel said it identified missiles launched from Iran toward its territory. Sirens sounded in central and northern Israel.
Iran confirmed it launched a “new wave of missiles” at Israel, according to state media, which claimed Hezbollah also joined in the attacks.
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