US, Iran war live updates: Donald Trump’s 48-hour deadline nears, Iranian officials respond with threat

Australia and Singapore are stepping up their cooperation on energy security, including fuel shipments to Australia, after Prime Ministers Anthony Albanese and Lawrence Wong spoke on Monday.

Singapore is a key supplier of petrol and diesel to Australia and the two countries already have committed to early notification and consultation on any potential disruption to energy supplies.

The leaders are now going to explore options for a future legally binding commitment on bilateral trade in “essential supplies”, they said in a joint statement on Monday.

“We call on other trading partners to join us in ensuring global energy supply chains are kept open, for the benefit of the security and prosperity of our peoples,” they said.

NSW Premier Chris Minns has confirmed more than 100 service stations are out of diesel and dozens are completely dry amid the worsening fuel crisis.

Families and businesses are being urged to only take what they need, with Mr Minns adding that it can be “dangerous” to store petrol and diesel in large quantities.

“The second point we make is, particularly in regional communities, you might be taking (fuel) from someone else that really needs it,” he said.

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As US President Donald Trump’s Strait of Hormuz ultimatum deadline nears, “unprecedented” blasts have been reported in the Iranian capital.

In the past few hours, Iran has attacked Israel and US sites, launching a 75th wave attack.

Following those strikes, Israel said it was unleashing a “wave of extensive strikes targeting” Iran’s infrastructure.

Al Jazeera’s Arabic correspondent Suhaib al-Asa reported the strikes were much larger than usual, with the extent of damage or whether the attack was over remained unclear.

Faith Birol, the executive director of the International Energy Agency, said fully reopening the Strait of Hormuz is the “single most important solution” to combating the oil price rise.

Speaking from Canberra, Mr Birol was clear, he was not there to play politics. He said much had been done in Australia to lift fuel stocks after years of failing to comply with the 90-day stock recommendation.

Speaking of the historic release of 400 million oil barrels, Mr Birol said the impact would only do so much.

“I am, on a daily basis, in contact with colleagues in North America and in the Middle East, Saudi Arabia and others,” he told the National Press Club.

“We will look at the markets, if it is necessary, of course, we will do it, but we will look at the conditions, we will analyse, assess the markets, discuss with our member countries.

“Again, our stock release will … help to comfort the markets, but this (is) not (a) deep solution. It will only help to reduce the pain on the economies.”

The US Department of State has warned US citizens anywhere in the world to “exercise increased caution”.

The security alert told US citizens that Iran may target US diplomatic facilities anywhere in the world.

“U.S diplomatic facilities, including outside the Middle East, have been targeted,” the warning said.

Groups supportive of Iran may target other U.S interests overseas or locations associated with the United States and/or Americans throughout the world.”

A heated on-air spat has erupted between Tanya Plibersek and Barnaby Joyce as Australia’s fuel crisis continues with tempers flaring over how much petrol the country actually has.

Energy Minister Chris Bowen at the weekend backed working from home as a “sensible” way to cut fuel use, as shortages bite across the country and dozens of service stations display “no fuel” signs.

In a heated clash on Sunrise on Monday, Social Services Minister Tanya Plibersek and One Nation MP Barnaby Joyce went head-to-head over Australia’s fuel reserves, with the exchange spiralling into a fiery war of words over what the country actually has on hand.

WATCH THE FULL CLASH

Shares plunged 1.8 per cent on Monday morning to wipe $56 billion off the local market, heading for its fourth straight week of losses and a 10 per cent correction since the Middle East war erupted on February 27.

Heavyweight miners including BHP, Rio and Northern Star led the losses as gold and copper prices extended huge falls since the war started to take push the S&P/ASX 200 Materials sector into a 23 per cent fall equal to a bear market since its March 2 peak of 25,835 points.

Across the share market every sector traded lower, except energy, as investors sold risk assets exposed to a global economic downturn in exchange for the safety of cash.

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Iran has unleashed a reported 75 missile wave on Israel and US military sites in the Middle East.

In Israel, air raid sirens have blared, including in Tel Aviv, which is believed to be one of Iran’s main targets in this latest attack.

Footage shared by Iran showed the alleged launch of the attack, which included drones and ballistic missiles.

Fox News, broadcasting from Tel Aviv, showed the city under air raid protocol, waiting for the missiles to re-enter the atmosphere before interceptors launch in an attempt to prevent direct hits.

Oil prices edged higher on Monday morning as S&P/ASX 200 futures pointed to another big sell off on the share market by investors worried the Middle East war may trigger a global recession.

On Monday morning, Westpac Bank said interest rate traders expect the Reserve Bank will need to raise the cash rate three more times to a peak of 4.85 per cent to tame inflation, which is forecast to reach 4.5 per cent to 5 per cent this year.

At Monday’s open in Asia, Benchmark Brent crude futures rose 1 per cent to $US107.47 a barrel. Base metals silver, platinum, copper and palladium all extending huge falls from last week. Gold traded flat, but tumbled last week.

“The market is becoming increasingly worried this conflict could become a protracted affair, broader in nature and structurally inflationary,” said National Australia Bank’s economics team.

“(Over the weekend) evidence mounted that the conflict was escalating rather than de‑escalating. Iran continued attacks on neighbouring Gulf states, while the IEA warned the war represents the greatest global energy security threat in history, with oil and gas infrastructure likely to take six months or longer to return to operation.”

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Australian shoppers are being warned to prepare for higher grocery prices and potential shortages within weeks as the nation’s deepening fuel crisis begins to ripple through supply chains.

Meanwhile, transport companies across the country say surging fuel costs are pushing their operations to the brink, with some trucking operators reporting increases of up to 70 per cent.

The situation has become so concerning that some businesses that own their trucks outright are choosing to pull vehicles off the road, opting to wait out the crisis rather than operate at a loss.

The turmoil on the roads is expected to have a direct impact on supermarket shelves.

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