In this, the third week of the war in the Middle East, both Iran and Israel have turned their attention to targeting energy reserves. The world remains on edge.
Follow Friday’s live coverage of the US-Iran war here.
Here are today’s main events:
- Iranian missile attacks hit liquified natural gas sites in Qatar several times, retaliating after Israel struck its giant South Pars gas field. Iran targeted the Ras Laffan site, which typically produces about a fifth of global gas supply. Analysts are worried successful attacks on Ras Laffan could cause a lasting global gas shortage.
- Meanwhile, oil prices have risen as much as 5.1 per cent to almost $AU160 a barrel. Investors on the Australian sharemarket lost more than $50 billion on Thursday.
- Donald Trump has distanced the US and Qatar from Israel’s actions, though an anonymous source later said the US was forewarned about Israel’s plans. Qatar called Israel’s attack “a dangerous and irresponsible step amid the current military escalation in the region”.
- US officials detected unidentified drones above an army base in Washington DC, where Secretary of State Marco Rubio and Secretary of Defence Pete Hegseth live, The Washington Post reported. There have been no updates since the news broke about 2.30pm today.
- And Iranian media reported the national women’s soccer team has returned to the Islamic Republic after several of the players had sought asylum in Australia.
On the fuel front:
- The average price of petrol continues to rise, several days after Australia has posted its most expensive average weekly petrol price on record (219.5¢ on Sunday). Average unleaded prices are now higher than 233¢ per litre in every major Australian city.
- Prime Minister Anthony Albanese has announced a new fuel supply taskforce to co-ordinate “fuel security and supply chain resilience” with states and territories. “Our fuel supply is currently secure. However, I want us to be over-prepared,” he said.
- Meanwhile, Energy Minister Chris Bowen said half a billion litres of fuel will now gradually be released to regional Australia, as a result of an agreement with fuel companies late last week.
- And consumer watchdog, the ACCC, is investigating allegations of anti-competitive conduct by major fuel suppliers in regional Australia.
- In related news, Australia’s energy regulator has proposed the steepest reductions in electricity prices for households since 2022 – as much at 10 per cent – but the outlook remains clouded by the war in Iran.