Jim Chalmers says the government has all hands on deck as it seeks to secure Australia’s fuel supplies amid the global oil crisis arising from the war in the Middle East.
The Australian government’s refusal to join the US-led naval blockade of the Strait of Hormuz is being highlighted in the latest viral Iranian propaganda video featuring LEGO characters.
America’s allies and adversaries alike were pinning their hopes on Vance to find a way out of a conflict that has upended the global economy. Instead, he left with nothing.
Markets reacted quickly to US President Donald Trump’s blockade threat, with oil prices spiking and the ASX falling amid fears of global supply disruption.