US-Iran war updates: Donald Trump claims ‘war is won’ while Iranian officials mock reports of ceasefire plan

Perth is enduring the nation’s worst inflation as Treasurer Jim Chalmers warned prices across the economy would stay higher for longer thanks to the war in Iran.

The latest figures — which do not include any of the disruption since the war began earlier this month — come as some businesses across the State say the conflict’s impact is “probably the final nail in the coffin”.

With average petrol prices closing in on 260¢/litre in Perth on Thursday and average diesel prices nearing 310¢/litre, further cost increases for shoppers are inevitable, businesses say.

One of the world’s most influential chief executives also warned a further oil price surge to $US150 a barrel would trigger a global recession.

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Wild investment moves on Wednesday summed up 2026’s chaotic start: a Middle East war, rising interest rates, accelerating inflation, soaring government debt, an energy shock, AI disruption and cracks in private lending markets.

The worries are causing immense volatility. Gold plunged 26 per cent from a record high of $US5595 an ounce on January 29 to $US4098 an ounce last Monday. The move has effectively seen traders rewrite the investment rule book to treat the precious metal as the opposite of a safe-haven asset it was supposed to be during war.

The traditional safe haven of government bonds is no more. Instead of buying bonds to shelter from the chaos, investors sold them and demanded higher yields in anticipation of a major inflation shock.

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WA’s oldest dairy, Brownes, has been forced to closely examine the sustainability of its delivery model to cafes, restaurants and other customers in response to the Iran war-induced fuel crisis that has left service stations across the country dry.

As the average price of Perth’s regular unleaded petrol jump to 258.3¢/litre on Thursday, from Wednesday’s 256.8¢, and diesel surging past $3/litre, Brownes chief executive Natalie Sarich-Dayton said the fuel volatility proved “a challenge unlike any other”.

“Unlike dry goods, fresh milk requires constant refrigeration from farm to fridge, making our fuel needs non-negotiable,” Ms Sarich-Dayton told The West Australian.

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Photos have emerged showing a smoke trail after a drone strike on Kuwait international airport.

Local authorities said the drones had hit a fuel tank and sparked a fire at the airport, but reported limited damage with no casualties.

Iran has now officially received the Trump administration’s 15-point ceasefire plan, Pakistani officials confirmed to The Associated Press.

Two key naval cruise missile production sites in Tehran have been struck, the Israel Defence Forces announced.

Boasting the attack on social media, the IDF declared the damage dealt to Iran’s military sites.

“IAF fighter jets targeted facilities used by the Iranian regime to develop and manufacture long-range naval cruise missiles capable of destroying targets at sea and on land,” the Israeli military said on X.

A Thai oil vessel has passed through the Strait of Hormuz safely following approval from Iran, a Thai official announced.

Thailand requested passage for two ships, with one tanker carrying crude oil successfully navigating the blocked strait, following positive talks between Iran’s ambassador to Thailand and Thai foreign minister Sihasak Phuangketkeow.

While the second tank is still awaiting clearance.

A growing list of fuel stations in Perth and regional Western Australia are running dry amid the war in the Middle East, with the State placed on “yellow alert” for the shortage.

The global fuel crisis has seen WA elevated from a “white alert” to “yellow alert” in the past week, which is the second on a four-tier scale.

A yellow alert deems that the State is under a “high risk for acute supply disruption” and occurs when “supply channels” are “moderately compromised”.

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Iranian tourists, business travellers or those seeking to visit family in Australia will be barred for at least six months starting from Thursday.

Home Affairs Minister Tony Burke has enacted new powers that were pushed through Parliament earlier in March to block people on certain visitor visas from coming to Australia from a war zone on the basis that it increased the risk they would seek to stay permanently.

“There are many visitor visas which were issued before the conflict in Iran which may not have been issued if they were applied for now. Decisions about permanent stays in Australia should be deliberate decisions of the Government, not a random consequence of who had booked a holiday,” Mr Burke said.

He will give “sympathetic consideration” to exceptions in cases involving parents of Australian citizens.

At the time of the legislation passing, the government said there were about 7000 Iranians outside of Australia who held affected visas.

The Department of Home Affairs will temporarily restrict some Iranian visitor visa holders who are outside of the country from entering Australia.

Home Affairs Minister Tony Burke announced the news, with the move aiming to protect the integrity and sustainability of Australia’s migration system.

“The conflict in Iran has increased the risk that some temporary visa holders may be unable or unlikely to depart Australia when their visas expire,” Mr Burke said.

“Decisions about permanent stays in Australia should be deliberate decisions of the Government, not a random consequence of who had booked a holiday.

“The Australian Government is closely monitoring global developments and will adjust settings as required to ensure Australia’s migration system remains orderly, fair and sustainable.”

The six-month restriction will come into effect on Thursday.