Oil prices surged today, with Brent crude shooting up more than 3% as tensions escalate in the Middle East. The spike follows attacks by Houthi rebels on Saudi Arabia, leading to a temporary shutdown of a major oil pipeline. Shipping through the Strait of Hormuz has largely come to a halt amid renewed U. S.-Iran friction, heightening fears of supply disruptions.
This turmoil has disrupted a recent period of market stability. Traders who expected a return to normal supply levels now face uncertainty. Shane Oliver, chief economist at AMP, noted that with global oil prices rising, petrol costs are likely to follow. In Australia, this could mean a rise of 20-30 cents per litre in the coming weeks, potentially reaching peaks seen after initial U. S.-Israeli strikes on Iran. Last week, the Australian Institute of Petroleum reported the national average retail petrol price rising by 5.6 cents to $2.11 per litre.
Meanwhile, Andrew Hastie, shadow industry minister, expressed concern over the planned closure of a blast furnace at the Whyalla steelworks. This shutdown is expected to result in job losses for 500 workers and 100 contractors. Hastie blamed the government's energy transition policies, criticizing Labor's focus on net zero targets. He warned that losing 75% of Australia's structural steel-making capacity could lead to increased reliance on foreign production over domestic manufacturing.
In politics, Pauline Hanson faced criticism for remarks considered racist and divisive. Malarndirri McCarthy, minister for Indigenous Australians, condemned Hanson's comments about First Nations Australians as primitive, stating such rhetoric is inappropriate for leaders. McCarthy, of Yanyuwa and Garrwa heritage, emphasized rejecting Hanson's agenda, highlighting the rich cultural heritage of First Nations people.
Labor's digital duty of care bill remains contentious, with the Coalition yet to support it. Despite Anika Wells' willingness to amend some ministerial powers in the bill, Angus Taylor criticized it as a "big brother" measure. The proposed legislation would require tech platforms to remove harmful content or face hefty fines, a step Taylor argues lacks a viable government alternative.
Social services minister, Tanya Plibersek, defended Anthony Albanese against Hanson's personal attacks on his upbringing and mother. Plibersek criticized Hanson for her misunderstanding of public housing, noting Albanese's mother relied on him for care from a young age. She argued that Hanson's remarks reflect her views on public housing residents more than on Maryanne Albanese.
In Canberra, the 'Wall of Tears' exhibition outside Parliament House memorializes the loss of children in Gaza between October 2023 and July 2025. Created by artist Phil Buehler, it features photographs and stories of the children. Greens deputy leader, Mehreen Faruqi, spoke at the exhibit, urging reflection on the loss of innocent lives and criticizing ongoing arms sales to Israel.
Finally, One Nation's immigration plan proposes banning migration from 26 countries on the government's do-not-travel list, including Ukraine and Venezuela. The list mainly covers nations in Africa and the Middle East, citing ongoing conflicts as the reason for the ban.
