US-Iran war updates: Hegseth refuses to confirm war’s end as airstrikes hit oil refineries across Middle East

Australian shares have been pummelled as escalating attacks on major gas facilities in the Middle East triggered a surge in oil prices and increased the threat of protracted pain at the petrol pump.

The S&P-ASX200 index was 1.6 per cent lower at 8506.3 points at 7.35am and on track for its lowest close in four months. Energy was the only sector to gain ground, up 2 per cent as Woodside Energy added 3.5 per cent and Santos rose 3.4 per cent.

The market’s sharp retreat came after oil prices rose 4 per cent overnight on damaging Iranian retaliatory attacks on the world’s biggest LNG export plant in Qatar.

Iran earlier had warned of retaliation on regional oil and gas infrastructure after its own huge South Pars gas project was struck.

Qatar said its Las Raffan complex, which suspended LNG exports soon after the war erupted in late February, had suffered “extensive damage”.

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The competition watchdog has broken with tradition amid widespread claims of price gouging by fuel retailers and revealed an investigation into allegations of anti-competitive conduct by four major players.

The Australian Competition and Consumer Commission on Thursday said it had received reports concerning the availability of diesel at independent wholesalers and distributors servicing regional and rural Australia.

A preliminary enforcement investigation has now been launched into Ampol, BP Australia, Mobil Oil Australia and Viva Energy Australia.

ACCC chair Gina Cass-Gottlieb said it was not the watchdog’s usual practice to publicly announce investigations, but given “the significance of the issue” it was confirming the probe.

Diesel prices skyrocketed again in Perth on Thursday to a staggering average of 279.5¢ a litre, up 6.6¢ from Wednesday. In Sydney, it’s 271.1¢, with some charging as much as 289.9¢.

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Asked how long the crisis will last, Anthony Albanese says that Australians “are not participants in the conflict” but will continue to argue for de-escalation to curtail it as soon as possible.

“It’s not certain, that’s the truth, how long this will last, but I’m hopeful that you can see an end point,” he said.

“The objectives of denying Iran the opportunity to have a development of a nuclear weapon have been secured. So that was objective number one. Iran’s ability to engage in attacks in the region have also been undermined by this process as well.”

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The Prime Minister says the fuel supply taskforce coordinator will drive coordination between the different jurisdictions, provide consistent updates, and act as the single point for all fuel supply and forward planning.

Anthea Harris will lead the work of the taskforce that was set up within Anthony Albanese’s department a few days ago, he says.

“To have a single point of contact was a common sense response,” he says.

He also promises “more measures to prepare the nation for supply chain challenges over coming days and weeks”.

Mr Albanese says he and Foreign Minister Penny Wong have been speaking with their international counterparts to ensure fuel and diesel shipments keep coming to Australia.

Prime Minister Anthony Albanese is speaking after the national cabinet meeting and says he’s appointed a new fuel supply taskforce coordinator.

Former head of the Australian Energy Regulator Anthea Harris has taken on the role, and her work will be helped by others appointed by State governments.

“Our fuel supply is currently secure. However, I want us to be over-prepared,” the Prime Minister says.

His key message to worried Australians is to not take more fuel than they need.

“It’s the Australian way to think of others, to think of their neighbours, their community, and also to think of the national interest. Only take what you need,” he said.

Australia’s consumer watchdog has taken the unusual step to announce its investigation publically into fuel companies for allegations of anti-competitive behaviour in rural and regional areas.

In a statement on Thursday, the ACCC namechecked the conduct of Ampol, BP, Mobil Oil, and Viva Energy.

“The ACCC is closely scrutinising all fuel markets during this period, and we have received reports of alleged anti-competitive behaviour. We are therefore investigating these matters urgently,” ACCC Chair Gina Cass-Gottlieb said.

Large crowds gather during a joint funeral held for Ali Larijani, Secretary of Iran’s Supreme National Security Council, Basij commander Major General Gholam Soleimani, and 84 sailors from the Iranian Navy frigate IRIS Dena, on Thursday in Tehran, Iran.

Larijani and Gholamreza, two of the highest-ranking Iranian officials to be assassinated since the outbreak of the war on February 28, were killed in US-Israeli airstrikes on March 17, according to Iranian state media.

The 84 sailors were killed when the IRIS Dena was sunk in a torpedo strike by the USSCharlotte, an American submarine,off the coast of Sri Lanka on March 4.

Brent crude prices climbed 5 per cent to top $US110 a barrel on Thursday morning after Israel bombed Iran’s largest gas field overnight.

The news sent Wall Street lower as benchmark gas and diesel prices also surged amid worries that energy inflation will tip the global economy into recession.

“If confirmed, the US/Israel attack would mark the first time Iran’s upstream oil and gas facilities have been targeted in this war,” said National Australia Bank.

“Following Israeli attacks on Iranian energy installations earlier Wednesday, Iran warned that regional oil and gas infrastructure are now ‘legitimate targets’.”

In response to the attack, Iran struck Qatar’s neighbouring Ras Laffan liquefied natural gas (LNG) export facility and previously attacked the United Arab Emirates, Saudi Arabia and Kuwait after its security chief, Ali Larijani, was killed in a strike.

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Israel says it has killed another top Iranian official, the third in two days, as the war in the Middle East shows no signs of slowing.

Iranian Intelligence Minister Esmail Khatib was killed in an overnight strike, Israeli Defence Minister Israel Katz said.

Mr Katz added that “significant surprises are expected throughout this day on all fronts,” without elaborating.

Iran did not immediately confirm Khatib’s death.

In a post on X, the IDF said: “Khatib played a significant role during the recent protests throughout Iran, including the arrest & killing of protestors and led terrorist activities against Israelis & Americans around the world.”

“Similarly, he operated against Iranian citizens during the Mahsa Amini protests (2022–2023).”

It went on to claim that the Iranian Ministry of intelligence “possesses advanced intelligence capabilities, overseeing surveillance, espionage, and the execution of covert operations worldwide, particularly against Israeli and Iranian citizens”.

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The Iranian women’s soccer team have crossed the Turkish border into Iran to complete a fraught return journey from Australia, after five members withdrew asylum claims they had lodged there.

Australia had granted humanitarian visas to six players and one support staff member after they sought asylum, saying they feared possible persecution if they returned to Iran.

The players emerged from Igdir Airport pulling their luggage and chatted in front of the terminal before boarding a bus to the border. One of them briefly smiled and waved at a TV camera before the bus departed. After a trip of around two hours to the frontier, they went through passport control at the Gurbulak border gate before crossing over into Iran.

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