Middle East

Traders will be hoping US President Donald Trump strikes a permanent deal with Iran to keep the Strait of Hormuz open as the clock ticks on a fragile ceasefire.

Global fuel supply uncertainty has intensified after the Strait of Hormuz shut again, with Richard Marles warning tensions could disrupt energy markets.

A French soldier in a United Nations mission in Lebanon has been killed, with the Hezbollah militia likely responsible, French President Emmanuel Macron says.

Iranian authorities have reversed a decision to reopen the Strait of Hormuz and reports say two Indian-flagged ships ‌came under fire in the waterway.

Energy Minister Chris Bowen has extended temporary fuel quality changes to September as global supply pressures continue to create uncertainty.

Anthony Albanese has responded to the reopening of the Strait of Hormuz, warning that the economic impact of the conflict will continue to be felt worldwide.

As fuel supplies tighten, world leaders - including Australia's - are having to make uncomfortable choices about where they source their oil.

Australia has joined a meeting of about 50 world leaders to organise an international mission to reopen the Strait of Hormuz amid ongoing trade disruptions.

The US President has taken an unusually tough stance on Israel’s military campaign in Lebanon, while signalling progress toward a wider deal involving Iran.

Iran has declared the Strait of Hormuz open for commercial transit, as backchannel diplomacy points to a potential deal within weeks.

Gun blasts greeted revellers as clocks ticked past midnight on day one of the 10-day ceasefire in Lebanon after Israel agreed to the deal.

The Reserve Bank has warned the Iran war could push Australia toward a damaging mix of rising prices and weaker growth, echoing the economic turmoil of the 1980s.

Prime Minister Anthony Albanese has addressed concerns about fuel supply after a major refinery blaze disrupted petrol production.

The US President says Israel and Lebanon have agreed to a 10-day ceasefire, as negotiations begin on what he claims could become a lasting peace deal.