US-Iran war updates: Anthony Albanese signs document affirming energy, trade cooperation with Brunei

We are wrapping up our live coverage of the war in Iran for today.

Thanks for following along as we brought you latest news and live updates.

Join us again tomorrow as we bring your more on the conflict as it unfolds.

Turkish Prime Minister Recep Tayyip Erdogan has assured the country is working to sustain ceasefire talks despite discussions between the US and Iran hitting a road block.

“Negotiations cannot be conducted with clenched fists. Weapons must not be allowed to speak again instead of words,” he said in an address to his ruling party’s legislators.

He used the statement to reiterate his stance that Israel should not be allowed to compromise the ceasefire.

“The Israeli government, which is known to be displeased with the ceasefire, must not be allowed to sabotage the process,” Erdogan added.

Israel has charged ahead with its aerial and ground offensive against Lebanon despite the US-Iran ceasefire.

On Wednesday the Israeli military said it hit more than 200 Hezbollah targets in southern Lebanon.

According to Lebanon’s National News Agency, multiple southern Lebanese locations including near Bint Jbeil had been tsruck by airstrikes and artillery shelling.

Fighting in the region failed to stop after Israeli and Lebanese officials held direct talks.

China has welcomed the potential for a second round of talks between the US and Iran.

The comment was made at a press briefing at the Ministry of Affairs in Beijing, in response to reports of further negotioations.

Foreign Ministry spokesperson Guo Jiakun also used the briefing to heap praise on Pakistan for its “role in facilitating a temporary ceasefire between the US and Iran and playing a fair and balanced mediating role.”

Travellers wanting a cheaper flight to Europe soon would have to take their chances on a Gulf airline stopping over in Doha or Dubai after Virgin joined Qantas in cutting flights.

Virgin Australia has flagged fewer flights and higher fares during the second half of 2025-26 and the upcoming financial year, hinting at more service reductions should the conflict in the Middle East continue.

In this environment, Flight Centre founder and chief executive Graham Turner said flying with Emirates, Qatar or Etihad was a much cheaper way to fly from Sydney, Melbourne or Brisbane to London during the Iran war.

“If people feel it’s totally safe, it will be a major way for people to travel, there’s no doubt in our mind,” he said.

“Shopping around, particularly looking at going through the Middle East now and in the next few weeks, next month, you will save money.”

The Sultan of Brunei assured Anthony Albanese his oil-rich nation is not looking to impose any export restrictions on Australia. Here’s how much that affects our supply.

Brunei Darussalam provides 9 per cent of Australia’s annual diesel imports as well as 11 per cent of annual crude oil imports and 11 per cent of annual fertiliser-grade urea imports crucial for agricultural production.

“What’s guaranteed is that they are not looking at imposing export restrictions on Australia,” Mr Albanese later told reporters at the Australian High Commission in Bandar Seri Begawan.

“Not only did we speak about... existing supplies coming, we spoke about additional supplies as well,” he said.

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The high costs of fuel, transport and fertiliser arising from Iran’s stranglehold and now the US blockade on the Strait of Hormuz are also affecting everything from food prices to construction.

A majority of businesses are absorbing those costs for now, but Australian Chamber of Commerce and Industry boss Andrew McKellar said they were under significant pressure.

Economist Luke Hartigan says those effects could linger for the rest of the year, and possibly longer depending on when the conflict ends and how long it takes to re-establish safe shipping.

“There’s only bad, and worse,” the University of Sydney senior lecturer said of the possible scenarios ahead.

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Prime Minister Anthony Albanese has responded to questions about Australia’s involvement in addressing the blockade in the Strait of Hormuz.

Speaking in Brunei, where he committed to cooperating on energy and trade flow with the Sultan, the PM reiterated his stance that Hormuz needs to open.

“We have said that we want the Strait of Hormuz to be open and we’ve been (a) signatory along with other countries, to statements along those lines,” he told reporters.

Foreign Affairs Minister Penny Wong jumped in to confirm that Australia is still engaging with allies on the matter.

“We continue to engage, as the deputy prime minister has made clear, with the United Kingdom, with France, with all countries including the US, in terms of making sure post the conflict, we can see a return to freedom of navigation in the Strait of Hormuz.”

British Prime Minister Keir Starmer and French President Emmanuel Macron are set to co-chair a video conference on Friday. It’s understood a senior member of the Albanese Government will join the call.

Virgin Australia has followed rival Qantas and will start cutting flights as it battles to keep a lid on rising jet fuel costs amid a seesawing oil market roiled by war in the Middle East.

In a market update on Wednesday, the airline told investors that rising costs had largely been mitigated by fuel hedging that protects the company’s books against the risk of price volatility.

It has also increased fares and made seat capacity adjustments.

Jet fuel costs of $554.7 million in the six moths to the end of December made up 21 per cent of Virgin’s operating costs.

But fuel prices have more than doubled since the US and Israel started their bombardment of Iran on February 28 — attacks which prompted the country to block the Strait of Hormuz, a vital gateway for global oil flow.

Virgin expects the higher prices to add between $30 million and $40m to its cost base in the second half after it hedged 92 per cent for Brent crude oil and 71 per cent for refining margins.

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Anthony Albanese and the sultan of Brunei Darussalam have discussed the impact the Middle East crisis is having on fertiliser shipments, and ways to secure more urea from Brunei to support Australian farmers.

“Of course, (fertiliser) goes back to Brunei as food,” he said.

Brunei supplies around 11 per cent of Australia’s fertiliser. In 2024, Australia supplied around three-quarters of the small sultanate’s meat imports.

Asked about a report Australia’s last pre-war shipment of fuel was due to arrive on the weekend, Mr Albanese said supply had been secured well into the future but added the nation was not immune from the global economic shocks of the war in the Middle East.

Pressed on Brunei’s human rights record, including its Sharia-law policy of punishing homosexuality with death by stoning, Mr Albanese declared Australia had spoken up on human rights in global forums.

Asked if he’d discussed the issue with the sultan, he said the focus of Wednesday’s talks was Australia’s fuel and security needs.

The prime minister now travels to Malaysia for similar petrol and diesel supply talks with his counterpart in Kuala Lumpur.