US-Iran war updates: Albanese forecasts economic strife amid fuel crisis, calls on Aussies to ‘do their bit’

Prime Minister Anthony Albanese has begun his nationwide address by acknowledging that it is “hard to be positive” as the Iran war continues to disrupt Australian fuel prices.

Across the country, road users have been facing the biggest spike in petrol and diesel prices in history.

“Australia is not an active participant in this war, but all Australians are paying higher prices because of it,” the PM says.

Within minutes, Prime Minister Anthony Albanese will address the nation amid the worsening fuel crisis.

Follow our live coverage here.

Benchmark oil prices could still surge towards $US200 a barrel in 2026 as physical supply shortages from overseas start to impact Australia over the next three months, according to Argonaut Securities analyst Sarah Kerr.

On Wednesday afternoon, Brent Crude prices eased to $US104.64 a barrel, although have still surged nearly 50 per cent since the US and Israel attacked Iran on February 27.

“We think supply disruptions will extend well into 2026, and with no signs of government taking energy security seriously outside the news cycle, we anticipate increased market volatility, further geopolitical supply shocks, and higher oil prices for longer,” said Ms Kerr.

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Anthony Albanese is set to deliver a national address at 7pm AEDT time tday, and Prime Minister Keir Starmer is expected to deliver an address to the UK at a similar time in the late morning GMT.

According to the BBC, he’ll be providing an update on the latest situation in the Middle East and how the government is planning to support families amid the cost of living.

The ongoing war in Iran has fuelled concerns that energy bills may rise further and Starmer has previously pledged to “protect the British people at home and abroad”.

The update follows the announcement that extra British troops and UK defence systems will be deployed to the Middle East for defensive action against Iranian attacks.

The prime minister said earlier this week that the UK is “not going to get dragged into this war” but would continue to defend its interests and allies in the region.

A man has died after debris from an intercepted drone fell at a farm in Al Rifa, in the Emirate of Fujairah in the UEA, local authorities say.

The man was a Bangladeshi national, the Fujairah Media Office says in a statement shared on social media.

The UAE has intercepted 1977 drones and 433 ballistic missiles since the start of the war, the country’s ministry of defence said yesterday.

A state of emergency will be declared in WA to force fuel companies to divert supplies where they’re needed, after they failed to meet Premier Roger Cook’s deadline to do so voluntarily.

The Premier has announced he will use emergency powers under the Fuel, Energy and Power Resources Act 1972.

“We remain at level two of the national fuel security plan, which is designed to keep Australia moving,” Mr Cook said.

“It’s worth noting that this declaration, declaration will enable us to create additional emergency regulations. Should they be required to implement actions at high levels as part of the national plan.”

Prime Minister Anthony Albanese is due to address the nation at 4PM AWT.

It’s understood the PM will outline the Government’s response to the Middle East conflict and “encourage Australians to play their part.”

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According to AP, Israel has warned of an incoming missile attack fro Iran, the second so far on Wednesday.

Emergency personnel also reportedly said that an 11-year-old girl was severely wounded in central Israel in the latest missile attack from Iran.

Two more people suffered moderate injuries including a 13-year-old boy and a 36-year-old woman, according to

Israel’s Magen David Adom rescue services.

The head of Iranian Parliament’s National Security Committee, Ebrahim Azizi, has used his X account to send a message to Donald Trump.

“The Strait of Hormuz will certainly reopen, but not for you; it will be open for those who comply with the new laws of Iran,” he wrote.

“Trump has finally achieved his dream of ‘regime change’—but in the region’s maritime regime!”

Iran’s foreign minister has acknowledged receiving direct messages from U.S. Mideast envoy Steve Witkoff, AP reports.

The comments by Abbas Araghchi were voiced in an interview with pan-Arab broadcaster Al Jazeera aired late Tuesday. He insisted that the messages didn’t constitute negotiations.

“I receive messages from Witkoff directly, as before, and this does not mean that we are in negotiations,” he said.

“We do not have any faith that negotiations with the U.S. will yield any results. The trust level is at zero.”

An Iranian drone attack has set fire to fuel tanks at Kuwait International Airport, Kuwaiti state news agency KUNA reported. Authorities said there were no casualties.

The strike, the latest in a series targeting airport and fuel infrastructure in the region, comes amid escalating tensions as the US and Israel increase operations against Iran, and Tehran responds with attacks on Israel and Gulf states hosting US military bases.

KUNA reported that the fire caused significant damage to fuel tanks owned by the Kuwait Aviation Fuelling Company.