US-Iran war updates: Anthony Albanese cuts Malaysia trip short to face refinery fire fallout back at home

Australia’s aviation sector is nervously awaiting updates on the impact of a fire at the only oil refinery in Australia that produces fuel for jets and smaller planes.

The blaze at Viva Energy’s facility in Geelong in Victoria couldn’t come at a worse time, with both of the nation’s major airlines Qantas and Virgin this week deciding to trim domestic capacity as the Middle East conflict sends jet fuel prices soaring.

Australian Airports Association chief executive Simon Westaway said it was a serious incident but fortunate no injuries had been reported.

“We understand jet fuel production at the facility is continuing at reduced levels,” Mr Westaway said.

“Australia’s aviation sector sources jet fuel from a range of suppliers, with the majority of refined fuel coming from offshore.

“Australian airports will continue to monitor the situation closely and are continuing to engage with the Federal Government to ensure jet fuel supply is maintained.”

Full story here.

Reuters reported that the empty Very Large Crude Carrier RHN entered the Gulf on Wednesday, maritime intelligence data from LSEG and Kpler showed.

It was not immediately clear where the VLCC, which is capable of carrying two million barrels of oil, is heading.

Finance ministers from 11 countries have issued a joint warning urging calm in the Middle East.

The coordinated statement — signed by nations including the UK, Japan, Sweden and Australia — called on the US, Israel and Iran to respect the truce reached last week.

“The past weeks have brought unacceptable loss of life and significant disruption to the global economy and financial markets,” the statement said.

It stressed the ceasefire was critical to protecting civilians and stabilising the region after weeks of escalating conflict.

Other signatories - including Spain, the Netherlands, Ireland, New Zealand, Norway, Poland and Finland - also pressed for a lasting diplomatic solution and the restoration of safe, free passage through the Strait of Hormuz.

The ministers warned that any renewed fighting or disruption to the key shipping route would pose “serious additional risks” to global energy supply, inflation and financial stability.

Australia’s share market got off to a sluggish start, creeping lower despite rising hopes that the US and Iran were keen to solve the Middle East conflict.

The S&P/ASX200 lost 22.2 points, or 0.24 per cent, to 8,957, as the broader All Ordinaries fell nine points, or 0.1 per cent, to 9,172.1.

The local bourse shrugged off record highs on Wall Street overnight following reports Washington and Tehran were looking to extend a two-week ceasefire to provide more time to reach a peace deal.

“Hope springs eternal in the markets and the prospect of an extended ceasefire and eventual peace deal between the US, Israel and Iran has helped push Wall Street to an unlikely record high,” Capital.com senior market analyst Kyle Rodda said.

Viva Energy was placed in a trading halt after a significant fire broke out at its Geelong Refinery in Corio on Wednesday night.

The facility, which suppliers more than 50 per cent of Victoria’s fuel and 10 per cent nationwide, is still running on reduced production rates and the extent of damage caused by the fire isn’t yet known, Viva said in a statement.

Competitor Ampol spiked more than 2.5 per cent in early trade, before easing to a 09.4 per cent advance of $33.27.

Here’s a breakdown of the Viva Energy oil refinery inferno:

WHAT HAPPENED?

• A fire broke out at Viva Energy’s Geelong oil refinery at Corio, about 60km southwest of Melbourne’s CBD, late on Wednesday
• Firefighters rushed to the scene about 11.15pm following multiple reports of explosions and flames at the facility
• The fire began in the refinery’s Mogas section, about 30m by 30m in size
• An estimated 25 to 50 workers were inside the facility at the time
• All have been accounted for and no one was injured
• The blaze was declared under control after 11am on Thursday, with firefighters and other agencies remaining on site
• Authorities said the cause of the fire was likely a small LNG leak from a valve failure which subsequently ignited
• A full investigation will be launched into the cause after the fire is extinguished and site access is restored

WHAT ARE THE IMPLICATIONS OF THE FIRE?

• The blaze directly impacted units responsible for petrol production
• The extent of the damage is not yet clear
• Production in other units for diesel and jet fuel was ramped down for safety reasons
• Viva believes there will be no immediate impact on fuel supplies
• Authorities are confident imported fuel can make up for any domestic shortfall

WHAT IS THE SIGNIFICANCE OF THE SITE?

• The Geelong refinery is one of Australia’s two remaining oil refineries
• It produces about 10 per cent of Australia’s fuel and more than half of Victoria’s supply
• The refinery can process up to 120,000 barrels of oil per day, manufacturing petrol, diesel, LPG, jet fuel, aviation gasoline and low aromatic fuel
• Brisbane’s Ampol Lytton refinery is the only other site in the country
• Australia had eight operating oil refineries in 2005
• About 80 to 90 per cent of Australia’s liquid fuel supply is now imported
• Australia obtains most of its refined fuel from Asian countries, including Singapore, South Korea, India, Malaysia and China
• The global oil shock has sparked national debate about Australia’s liquid fuel security due to its lack of refineries and reliance on international suppliers

Sources: Fire Rescue Victoria, Viva Energy, Federal Government, Victorian Government, Australian Workers’ Union, NRMA

A top Iranian hardliner has issued a chilling warning to the US, threatening to seize invading troops and sink warships enforcing a blockade in the Strait of Hormuz.

Senior military adviser to Supreme Leader Mojtaba Khamenei, Mohsen Rezaei, said that American forces would be directly targeted if they escalated the conflict.

“Battleships in the US armada can definitely be exposed to our missiles and we can destroy them,” he said on state TV.

Mr Rezaei went further, claiming a US ground invasion would be a “great” outcome for Iran, boasting thousands of American soldiers could be taken hostage and ransomed.

The threats come as Washington ramps up pressure, slapping fresh sanctions on more than two dozen individuals and companies tied to Iran’s oil network, including those linked to shipping figure Mohammad Hossein Shamkhani.

US Treasury Secretary Scott Bessent said the move targeted regime elites “profiting at the expense of the Iranian people”.

Meanwhile, fars are growing far beyond the battlefield with World Bank chief economist Indermit Gill warning that the war could push global hunger sharply higher.

“You have about 300 million people who suffer from acute food insecurity already… that’ll go up by about 20 per cent very, very quickly,” he said.

Pakistan has launched a high-stakes diplomatic push to revive stalled US-Iran peace talks, sending a senior delegation to Tehran just days before a fragile ceasefire is set to expire.

According to reports, army chief Asim Munir led the delegation into the Iranian capital, carrying what state media described as a fresh message from Washington and plans to broker a second round of negotiations.

The move follows an earlier round of talks in Islamabad that collapsed without a deal, leaving the conflict dragging on and tensions rising across the region.

Pakistan’s Interior Minister Mohsin Naqvi is also involved in the mediation effort, while Prime Minister Shehbaz Sharif is touring gulf nations to rally support for renewed diplomacy.

The frantic shuttle diplomacy comes as duelling US and Iranian naval blockades choke vital shipping routes and rattle the global economy.

With the ceasefire due to expire on April 22, the clock is ticking.

Despite the escalating rhetoric in Iran, financial markets surged overnight with Wall Street hitting record highs on optimism a deal between the US and Iran could still be reached.

It came as Israeli Prime Minister Benjamin Netanyahu said Washington and Tel Aviv were “fully aligned” in their goals — including stripping Iran of its enrichment capability and reopening the Strait of Hormuz.

He also signalled a major escalation against Hezbollah, declaring its “dismantling” a top priority in renewed talks with Lebanon.

Behind the scenes, the White House says a second round of talks with Iran is likely within days, with Islamabad floated as a possible host.

Treasurer Jim Chalmers has issued a joint statement with colleagues from the UK, Japan, Sweden, the Netherlands, Finland, Spain, Norway, Ireland, Poland and New Zealand calling for a swift end to the war in the Middle East and full reopening of the Strait of Hormuz.

They say there has been “unacceptable loss of life and disruption to the global economy and financial markets”, and asked for the ceasefire to be implemented “in full” with a speedy move to a resolution.

“Renewed hostilities, a widening of the conflict or continued disruption in the Strait of Hormuz would pose serious additional risks to global energy security, supply chains, and economic and financial stability. Even with a durable resolution of the conflict, impacts on growth, inflation and markets will persist,” the finance ministers said in the statement issued after meetings in Washington DC.

They called on all countries to “avoid protectionist actions” like export controls on fuel and oil products or stockpiling.

They have also promised that, given the global problems with debt and tight budgets as highlighted by the IMF this week, local responses to help people with the effects of the way “must be fiscally responsible and targeted at those who most need support”.

Iran’s Parliament speaker Mohammad-Bagher Ghalibaf says the Axis of Resistance stands united, only willing to accept a ceasefire which protects Lebanon.

“The completion and consolidation of a comprehensive ceasefire in Lebanon will be the result of the steadfastness and struggle of the esteemed Hezbollah and its heroism, as well as the unity of the Axis of Resistance,” he wrote on X.

“The United States must commit to the agreement.

“ The resistance and Iran are one and the same entity, whether in war or in a ceasefire. America must back away from Israel’s first mistake.”