US, Iran war live updates: Israel threatens Gaza-like destruction in Lebanon, trades missile strikes with Iran

The federal government will impose temporary adjustments to Australia’s diesel standards for the next six months, The Australian is reporting, which is aimed at increasing supply and broadening import market options.

“This six-month adjustment will lower what’s known as the flashpoint for diesel, from 61.5C, to 60.5C, increasing diesel supply options from refiners and international sources,” Energy Minister Chris Bowen said.

“In effect, Australian refineries will now have more flexibility for making diesel, and widen the markets from which we source diesel, including from the United States, Canada, and Europe, which allow diesel with lower flashpoints.

“This will give companies more flexibility and more options to adjust supply chains to manage disruption from the Middle East.”

The lower standards will have no impact on engines or emissions, according to Mr Bowen, and have been backed by the Truck Industry Council, the Federal Chamber of Automotive Induestries, and the Australian Automobile Association.

“Today’s announcement builds on these plans and ensures our nation’s energy resilience during this period of increased uncertainty overseas,” Mr Bowen said.

Israeli airstrikes have hit seven targeted areas in Beirut’s south, according to Lebanon’s state-operated National News Agency.

“Enemy warplanes launched seven raids overnight on the southern suburbs,” the Agency said.

Pro-government supporters have held rallies in Tehran on Monday to protest the US and Israel’s attacks on Iran, Al Jazeera is reporting.

The protests, which extended into the early hours of Tuesday morning, were held on Tehran’s longest street Valiasr, as well as Englhelab (or ‘Revolution’) Square despite airstrike threats.

Amidst heavy rain, the protestors waved Iranian flags and photographs of new Supreme Leader Mojtaba Khamenei and his predecessors, as patriotic music blared from speakers.

The Mehr news agency, which is regime-affiliated, is also reporting pro-government protests in the suburb of Karaj as well as in the cities of Ilam and Sari.

At least 184 service stations across Victoria, New South Wales, and Queensland ran out of fuel yesterday, NSW Premier Chris Minns said.

101 stations were out of petrol and 83 out of diesel in Victoria, while 51 stations ran out of petrol and 164 out of diesel in NSW.

Queensland was also affected, according to multiple reports: 32 service stations were out of regular unleaded petrol and 47 had ran out of diesel.

An unusual burst of market activity early Monday, minutes before a market-moving social media post from President Donald Trump has raised eyebrows.

US President said on Truth Social on Monday that the US and Iran had held talks and that he was halting planned strikes on Iranian power plants and energy infrastructure.

Now, an analyst claims the timing and size of trades 15 minutes beforehand strongly suggest whoever placed these trades already knew what Trump was going to say.

“Someone with access to privileged information appears to have made hundreds of millions in profit by trading on a political secret before it became public. That’s the definition of insider trading, and the allegation is that it happened openly, in the middle of the trading day, and nobody stopped it.”

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European Council president Ursula von der Leyen says it’s time for the US and Iran to come to the negotiation table as the economic effects of their war ripple around the world.

Speaking at Parliament House in Canberra where she has just signed a trade deal with Prime Minister Anthony Albanese, the President condemned Iran’s attacks on civilian infrastructure and ships.

“We think that it is time to visit the negotiation table and to have the hostilities end,” she said.

“The situation is critical for the energy supply lines worldwide. We all feel the knock on effects.”

Oil prices tumbled overnight after US President Donald Trump said the US and Iran made strong progress towards a complete peace deal in talks over the weekend.

Mr Trump said he had ordered the US military to postpone all military strikes on Iran’s power plants and energy infrastructure for five days because the peace talks had been productive, an assertion disputed by Iran.

He had previously given a 48-hour deadline for Iran to open the Straight of Hormuz or face “obliteration” of power plants.

The news sent Benchmark Brent crude prices down 9 per cent to around $US97.50 on Tuesday morning. Global gas and diesel prices retreated from highs stoked by worries around a major escalation in the conflict. Gold prices rebounded slightly to $US4414 an ounce after a three-week sell-off.

Shares on Wall Street jumped. The tech-heavy Nasdaq Index rose 1.4 per cent and S&P/500 added 1.2 per cent. Futures for the S&P/ASX 200 point to a 1.8 per cent rebound at the open on Tuesday.

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The ACCC on Tuesday announced it was closely monitoring domestic aviation as conflict in the Middle East continues to escalate.

“The Middle East plays a critical role in global aviation, and we’ve already seen airline operations affected worldwide, with potential for impacts to flow into our domestic market.” ACCC Commissioner Anna Brakey said.

The announcement states the ACCC was monitoring how airlines manage cancelled or delayed services, including refunds and remedies.

As more Australians consider travel closer to home, avoiding the Middle East entirely, the ACCC is keeping an eye on local carriers and how they manage prices.

“While market conditions will ultimately determine the cost of flying, we are closely monitoring price movements, market behaviour and the airlines’ representations to consumers, and will act if there is behaviour that contravenes competition and consumer laws.” Ms Brakey said.

An Iranian source told Iranian state-run Fars News Agency that “special events” were planned to target Tel Aviv in Israel and allies of the US in the Middle East on Monday evening.

“Tonight, special events are planned for Tel Aviv and some regional allies of the US and Israel that will completely remove the hope of negotiations from the minds of the aggressors,” the source said.

In the last few hours since the chilling threat was issued, Iran has launched a flurry of attacks, some already intercepted over Israel.

Iranian Parliament speaker Mohammad-Bagher Ghalibaf has taken to social media to claim “no negotiations have been held with the US”.

“Fake news is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped,” he wrote.

“Iranian people demand complete and remorseful punishment of the aggressors.

“All Iranian officials stand firmly behind their supreme leader and people until this goal is achieved.”

Mr Trump has rejected the suggestions that there have been no negotiations, claiming they have been taking place since Saturday.