US, Iran war live updates: Donald Trump’s 48-hour deadline nears, Iranian officials respond with threat

Oil prices edged higher on Monday morning as S&P/ASX 200 futures pointed to another big sell off on the share market by investors worried the Middle East war may trigger a global recession.

On Monday morning, Westpac Bank said interest rate traders expect the Reserve Bank will need to raise the cash rate three more times to a peak of 4.85 per cent to tame inflation, which is forecast to reach 4.5 per cent to 5 per cent this year.

At Monday’s open in Asia, Benchmark Brent crude futures rose 1 per cent to $US107.47 a barrel. Base metals silver, platinum, copper and palladium all extending huge falls from last week. Gold traded flat, but tumbled last week.

“The market is becoming increasingly worried this conflict could become a protracted affair, broader in nature and structurally inflationary,” said National Australia Bank’s economics team.

“(Over the weekend) evidence mounted that the conflict was escalating rather than de‑escalating. Iran continued attacks on neighbouring Gulf states, while the IEA warned the war represents the greatest global energy security threat in history, with oil and gas infrastructure likely to take six months or longer to return to operation.”

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Australian shoppers are being warned to prepare for higher grocery prices and potential shortages within weeks as the nation’s deepening fuel crisis begins to ripple through supply chains.

Meanwhile, transport companies across the country say surging fuel costs are pushing their operations to the brink, with some trucking operators reporting increases of up to 70 per cent.

The situation has become so concerning that some businesses that own their trucks outright are choosing to pull vehicles off the road, opting to wait out the crisis rather than operate at a loss.

The turmoil on the roads is expected to have a direct impact on supermarket shelves.

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Prime Minister Anthony Albanese has been phoning his global counterparts to try and shore up Australia’s fuel stocks over the coming weeks and months, as the Middle East war sends shockwaves through global supply chains.

The Government will bring together business leaders for a food security summit on Monday, as logistics companies warn petrol and diesel price hikes are putting their operations under increasing pressure.

Australia is heavily reliant on fuel imports, bringing much of it in from South Korea and Singapore, which in turn rely on oil from the Middle East.

Anthony Albanese was working the phones to ensure Australia’s imports were not forgotten in the global rush for oil, Assistant Foreign Minister Matt Thistlethwaite said.

“The prime minister’s negotiating with our Asian neighbours and counterparts to try and maximise the amount of fuel that is available in Australia,” he told Sky News on Monday morning.

Mr Thistlethwaite suggested Australia could leverage its natural gas exports to incentivise countries such as South Korea to continue sending fuel.

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Iran’s Islamic Revolutionary Guard Corps (IRGC) has published a list of targets that it says it will target if US President Donald Trump follows through on his threat to “obliterate” Iranian power plants if the Strait of Hormuz is not reopened fully.

Eight targets have so far been identified, all across the Middle East, threatening more chaos to regional security and infrastructure integrity.

• Saudi Arabia: Ras Al-Khair Desalination Plant, Shuqaiq Power Plant
• Qatar: Al Kharsaah Power Plant, Ras Laffan C Power and Water Plant
• UAE: Taweelah Desalination Plant, Barakah Power Plant
• Bahrain: Al Dur Power and Water Plant
• Kuwait: North Zour Power Plant
• Jordan: Aqaba Thermal Power Plant, Samra Power Generation Plant

The US Central Command (CENTCOM) has released newly unclassified video showing the US forces targeting one-way drones.

Huge explosions could be seen in the video that showed at least three drones being wiped out.

“U.S. forces continue to eliminate the Iranian regime’s one-way attack drone capabilities, which they’ve used to indiscriminately target civilians throughout the region,” CENTCOM wrote on X.

Tanya Plibersek stopped short of encouraging Aussies to work from home on Monday morning, instead saying that if they could cut their use, they would save some money and help with the fuel crisis.

“If you can reduce your fuel use, that would be a good thing to do,” Ms Plibersek told Sunrise on Monday.

“Buy the fuel you need.”

“There are definitely some distribution problems. We are absolutely on the issue of fuel distribution.”

It comes amid growing calls for Aussies who can work from home to work from home as petrol stations run out of stock.

Iran’s President Masoud Pezeshkian has spoken out about US President Donald Trump’s 48-hour deadline to reopen the Strait of Hormuz.

Mr Trump wrote: “If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!”

Mr Trump’s deadline ends at 10.44am (AEDT), 7.44am (AWST) on Tuesday.

Mr Pezeshkian said Mr Trump was showing desperation.

“The illusion of erasing Iran from the map shows desperation against the will of a history-making nation,” he wrote on X.

“Threats and terror only strengthen our unity. The Strait of Hormuz is open to all except those who violate our soil. We firmly confront delirious threats on the battlefield.”