Iran has temporarily reopened the Strait of Hormuz following a ceasefire agreement in Lebanon but warns it could close the crucial waterway again if the US navy continues its blockade of Iranian ports.

Iranian Foreign Minister Abbas Araqchi announced on social media the strait, a slender chokepoint in global energy trade, was open for all commercial vessels for the remainder ‌of the US-brokered 10-day truce between Israel and Lebanon.

US President Donald Trump, who with Israel launched the war on Iran on February 28, told supporters at a rally in Arizona that Araqchi’s announcement marked “a great and brilliant day for the world”.

But subsequent statements and clarifications from both sides left uncertainty over how quickly shipping might return to normal, and some vessels could be observed making unsuccessful attempts to cross the strait on Friday, local time, before turning back.

Trump said a US blockade of ships sailing to Iranian ports, announced after talks with Iran last weekend ended without agreement, would remain until “our transaction with Iran is 100 per cent complete”.

Iran responded sharply, with its parliament speaker and senior negotiator Mohammad Baqer Qalibaf saying in a social media post that the strait, which until recently carried about a fifth of the world’s oil trade, “will not remain open” if the US blockade continues. 

He also said Trump had made multiple false claims about the peace talks on Friday.

Iran has said ‌all ships must co-ordinate with ‌the Islamic Revolutionary Guard Corps, which was not ⁠the case before the war. 

The Defence Ministry said in a statement quoted by state television that military vessels and ships linked to “hostile forces”, the US and Israel, were still not permitted ​to pass.

Vessel traffic data showed a group of about 20 ships, including container ships, bulk carriers, and tankers, moving through the Gulf toward the Strait of Hormuz on Friday evening, but most ended up turning back, although it was not clear why. 

The group included three container ships operated by French shipping group CMA CGM, which declined to comment.

It was the largest group of vessels to attempt the transit since the start of the war.

Trump told Reuters the US would remove Iran’s stockpiles of enriched uranium. Foreign Ministry spokesperson Esmaeil Baghaei told state TV the material would not be transferred anywhere.

Separately, a senior Iranian official said ⁠Iran hoped a preliminary agreement could be reached in the coming days that could extend a ceasefire that is due to expire next week. 

That could ‌buy more time for negotiations on ​lifting sanctions on Iran and securing compensation for war damages, the official said.

Oil prices fell about 10 per cent, and global stocks jumped on news that marine traffic might flow through the strait again.

Shipping companies cautiously welcomed Iran’s announcement but said they would require clarifications, including ​about the risk of ‌mines, before vessels move through the entry point to the Gulf.

The US navy warned seafarers the mine threat in parts of the waterway was not fully understood and said they should consider avoiding the area.

After a video conference on Friday, more than ​a dozen nations said they were willing to join an international mission to protect shipping in the strait when conditions permit, Britain said.

Trump told Reuters there could probably be more peace talks this weekend. Some diplomats said that was unlikely given the logistics of gathering in the Pakistani capital Islamabad, where the talks are expected to take place.

A Pakistani source involved in mediation efforts said an upcoming meeting could result in an initial memorandum of understanding, followed by a comprehensive peace agreement within 60 days.

World leaders have cautiously welcomed the reopening of the Strait of Hormuz, as the news sent global oil prices plunging more than 10 per cent overnight. 

Prime Minister Anthony Albanese will shortly speak to reporters after joining a virtual summit of about 50 countries on Friday evening, hosted by France and the United Kingdom.

The meeting aimed to establish support for a fragile ceasefire in the region following the US-Israeli war against Iran and ensure shipping routes reopen through the strait, under the banner of the Strait of Hormuz Maritime Freedom of Navigation Initiative.

Mr Albanese joined the meeting intending to highlight the need for de-escalation and a swift resolution to the conflict – something he said Australia had consistently called for.

The prime minister also expressed how acutely Asia was feeling the impact of disruptions, with the vast majority of oil that previously passed through the strait bound for the region.

“Australia and our Indo-Pacific partners are experiencing first-hand the impact of unprecedented disruptions to energy supply chains and impact on oil and fuel prices,” Mr Albanese said before the meeting.

“Here in Australia, we are working around the clock to shield Australians from the worst of the impacts.”

Mr Albanese formally backed co-ordinated international diplomacy to help resolve the conflict, noting the longer the war went on, the greater the human cost and the more significant its impact on the global economy.

He and Energy Minister Chris Bowen are set to speak to reporters in Sydney on Saturday morning while Deputy Prime Minister Richard Marles will meet with his Japanese counterpart in Melbourne. 

Iranian Foreign Minister Abbas Araqchi posted a message on X around the time of the meeting declaring the Strait of Hormuz “completely open”.

French President Emmanuel Macron and UK Prime Minister Keir Starmer welcomed the Iranian statement but said the reopening must become permanent.

Mr Macron and Mr Starmer said a meeting of military planners would take place in London next week as part of a bid to create an international mission to restore maritime security.

But US President Donald Trump told NATO allies to “stay away”.

“Now that the Hormuz Strait situation is over, I received a call from NATO asking if we would need some help,” Mr Trump posted on Truth Social.

“I TOLD THEM TO STAY AWAY, UNLESS THEY JUST WANT TO LOAD UP THEIR SHIPS WITH OIL.”

Asked whether Australians would be prepared to offer defensive assets, Foreign Minister Penny Wong said a diplomatic approach was preferred. 

Senator Wong commented on the back of a visit to Singapore with Trade Minister Don Farrell on Friday.

The pair signed a supply agreement with Singaporean Foreign Minister Dr Vivian Balakrishnan and Energy Minister Tan See Leeng designed to strengthen energy security in the region.

“The protocol reflects the priority we accord each other with respect to trade in essential supplies including petroleum oils, such as diesel, and liquefied natural gas,” the ministers said in a joint statement issued on Friday evening.

War in the Middle East and the fuel crunch it has triggered have forced a frantic redrafting of the federal budget papers.

Before the conflict disrupted the narrow stretch of water that roughly 20 per cent of global oil supplies sail through, penny-pinching and reform was being touted to improve Australia’s long-term financial position.

However the government has since temporarily halved the tax on petrol and diesel to give immediate relief from blisteringly high fuel prices at a $2.5 billion cost to the public purse.

“There’s a real tightrope they’re going to have to walk to get it right,” reckons Grattan Institute energy and climate change program director Alison Reeve.

“They’ve found themselves with this crisis to deal with but they also need to be very careful about the structure of that spending because you also don’t want it to be inflationary.”

In addition, some sections of the community are genuinely hurting and providing no government assistance risks political pain, she adds.

There have been calls from the federal opposition and others to fast-track mining exploration but Ms Reeve says policymakers should be focused on cutting dependence on imported fuels via electrification and renewables.

Climate Change and Energy Minister Chris Bowen broadly agrees.

“No war can impede the flow of sun to Australia,” he told reporters on Monday.

“No sanctions can be applied to wind.”

Unveiling a four-point budget plan to “Trump-proof” the Australian economy from the energy crisis last week, Climate Council chief executive Amanda McKenzie urged the government to steer clear of short-term fixes.

“It needs to meet the moment by reducing reliance on fossil fuels and investing in reliable, affordable Australian power from the sun, wind and batteries.”

Transport is a prime opportunity to lighten imported fuel dependence.

Electric vehicles are already freeing up almost 15 million litres of petrol and diesel every week and EV interest has exploded since the war began, with sales surging for new and second-hand cars.

Yet rumoured tax settings tweaks have electric vehicle advocates concerned the pace of adoption could be weakened at a time when momentum is needed most

Recent remarks from Transport Minister Catherine King suggest the well-signposted introduction of road-user charge – which would charge motorists per kilometre driven – may be put off as the government shies from any potential disincentive to immediate EV uptake.

A rework of the fringe benefits tax discount, which allows salary packaging for electric cars, has also reportedly been on the cards.

Ms Reeve says there is a case for restructuring the discount settings to lower costs and improve equity without abolishing it altogether.

Freight has also dominated headlines as punishingly high diesel costs squeeze the sector and add to grocery and good transport costs.

Charging infrastructure along busy freight corridors would be an attractive candidate for additional government support, Ms Reeve says, as well as low-cost financing options to help owner-drivers purchase electric trucks.

Mining machinery is also heavily reliant on imported fuels.

Mining companies and other off-site diesel users are entitled to exemptions on diesel excise, a credit scheme initially set up in recognition the revenue raised at the pump would fund public roads.

Yet the Australian Council of Trade Unions and other groups argue the credit allowance is too generous and creates little incentive for miners to electrify.

Australian National University professor of engineering Andrew Blakers says reworking the tax exemptions could nudge more miners in the direction spearheaded by Fortescue, the iron ore giant pursuing aggressive cuts to onsite diesel use.

“Fifty per cent of new truck sales in China are electric,” he tells AAP.

“All this nonsense about the truck electric trucks not being ready is plain wrong.”

Australia is already making inroads on its broader transition to a renewably-powered grid.

Yet Prof Blakers flags areas demanding further attention, including additional large-scale pumped hydro projects to provide storage for an electrifying economy.

Electrify Armidale convenor Trevor Brown wants a federal budget that does more for households locked out of home electrification and solar.

Schemes such as the wildly-successful home battery program, for example, could do more to include low-income households and renters, he says.

Government-supported local energy hubs would also be useful for regional areas with knowledge gaps.

“It’s really mostly about educating, initially,” he says.

“If we can encourage households to insulate and not leave their oven doors open all day and all night, to stop these huge electricity bills they can’t afford.”

Ahead of the federal budget due on May 12, gas exports have emerged as a prominent battleground.

Unions, the Greens and crossbenchers have been calling for higher taxes on LNG to capture more of the conflict-driven windfall profits.

Gas industry group Australian Energy Producers has been spearheading the defence.

It argues that it would drive investment offshore and jeopardise future energy supply at a time of global uncertainty.

It should be noted that the prime minister’s department has reportedly ordered Treasury modelling of “new levy options” on the gas industry.

However Resources Minister Madeleine King has also flagged the huge sums of private capital invested in gas projects that also supply the domestic market.

The owner of home shopping network pioneer QVC has filed for Chapter 11 bankruptcy protection in the United States.

The filing by parent company QVC Group, which also owns HSN, formerly the Home Shopping Network, arrives as long-running TV shopping networks struggle to adapt to the rapid shift by consumers now tuning in to livestreams on TikTok or online marketplaces like Shein.

QVC Group, which filed in the US Bankruptcy Court for the Southern District of Texas, said that its international operations are not included in the process.

It has more than $US1 billion ($A1.4 billion) in cash on hand and said that it has ample liquidity to meet its business obligations.

QVC Group added that all of its brands are operating as usual, including customer-facing operations in the United Kingdom, Germany, Japan and Italy.

It will continue to serve its customers across all channels and platforms for QVC, HSN and Cornerstone Brands. 

“Bankruptcy may allow the necessary restructuring to give QVC the room to operate with better financials. However, it does not solve the need to reinvent and become relevant,” Neil Saunders, managing director of GlobalData, said in a statement.

QVC Group has attempted to revive flagging sales for some time, which in 2024 were down almost 30 per cent compared with its peak of more than $US14 billion in 2020.

Shares in QVC Group, which went for more than $US900 a decade ago, were trading for less than $US3 earlier this week.

The company is looking to emerge from bankruptcy protection in about 90 days.

A by-election triggered by an MP’s sudden death looms as a litmus test for a state government’s handling of the fuel crisis.

More than 40,000 Queensland voters will take to the polls in the north Brisbane electorate of Stafford on May 16 after independent Jimmy Sullivan was found dead in his home a week ago.

The 44-year-old’s death was not treated as suspicious.

Speaking at a service station in the electorate on Friday, Queensland Premier David Crisafulli said the by-election was a chance for people to show their support for his government’s plan to drill for oil.

The Liberal National government has flagged a proposal to open Australia’s first oil field in half a century at Taroom Trough, west of Brisbane.

“It is an opportunity for the people of Stafford to send a message that they do back our plan for us to ensure we have our own fuel supply,” Mr Crisafulli said of the by-election.

“And also to send a message to Labor and the Greens, who are finding every reason to stand in the way, that that’s not acceptable.”

Mr Crisafulli claimed the state was in discussions to build a second refinery in Queensland to service the potential development of oil reserves amid the fuel crisis. 

Multiple sites were being investigated in the Gladstone region north of Brisbane, he said.

The premier backed claims the Taroom Trough represented a generational opportunity to ensure the state’s sovereign capability by reducing its dependence on fuel imports.

Federal Environment Minister Murray Watt has rejected calls to fast-track environmental approval for the project on the basis national interest exemptions were not available for fossil fuels.

Mr Crisafulli called for the Environment Protection and Biodiversity Conservation Act, which was updated in December, to be amended to allow the project to proceed.

However, Queensland Opposition Leader Steven Miles took aim at the LNP’s handling of the fuel crisis while visiting the state’s only current oil refinery at Lytton on Friday.

“Queenslanders are sitting around the dinner table talking about how to make ends meet, talking about how they will be able to afford to fill their car with petrol,” he said.

The LNP and Labor have yet to settle on their candidates for Stafford.

Electoral Commissioner Pat Vidgen said nominations would open at 9am on Saturday and close at midday on April 24, with early voting from May 5.

The by-election date was confirmed a week after Mr Sullivan’s death.

Mr Sullivan moved to the crossbench after he was expelled from the Labor caucus in May.

In October 2024, Labor leader and former premier Steven Miles directed Mr Sullivan to take leave while he attended to legal and medical issues.

A pair of alleged thieves have been arrested after a tank filled with about $3500 of fuel was stolen.

The two men allegedly broke into a building site in Tralee, near the ACT-NSW border, and took a water tank containing 1000 litres of fuel on Saturday afternoon.

Police spent almost a week investigating the theft until they found the diesel-filled water tank at a home in Mount Fairy about 45km away.

A ute was also seized and they arrested a 37-year-old man found hiding in the premises on Thursday afternoon.

He was charged with larceny and entering an enclosed land without a lawful excuse.

Earlier that day, officers arrested a 27-year-old after searching a Queanbeyan home where they seized a small amount of methylamphetamine.

He faces charges of larceny, destroying or damaging property, entering an enclosed land without a lawful excuse, breach of bail and some drug charges.

The 27-year-old was granted bail and will face court on Monday.

In the surrounding region, diesel currently costs between $2.78 and $2.95 per litre.

The price of fuel has skyrocketed in recent months due to the Iran-Israel-US conflict and ensuing politics over the Strait of Hormuz, a vital shipping lane for oil and fuel.

At its peak, the price of diesel ballooned beyond $3 a litre.

Though the federal government has introduced some measures to bring down the cost of fuel, such as a cut to the fuel excise, inflation and cost pressures continue to weigh on Australian consumers.

The swelling cost of fuel has forced councils to increase their rates for garbage collection while airlines have jacked up ticket prices.

Fuel prices could also worsen after a fire damaged almost half of petrol production at one of Australia’s two remaining refineries on Wednesday.

The Viva Energy Geelong refinery supplies 10 per cent of fuel nationally and half of Victoria’s stock.

Carbon capture and storage, geoengineering and other technologies that justify ongoing fossil fuel production have been denounced by Pacific nations in a landmark declaration. 

Following talks in Port Vila, ministers and senior officials have reiterated support for an urgent fossil fuel phase-out and Pacific economies run off 100 per cent renewable energy. 

The Tassiriki Call unifies Pacific island states messaging ahead of an inaugural international conference on fossil fuel phase-out to be held in Colombia later in April.

Pacific island nations are vulnerable to sea level rise and extreme weather fuelled by climate change and have led international diplomacy on limiting temperature rise for decades.

The region is also highly dependent on imported liquid fuels for power generation and transport and has been hit hard by the latest oil shock caused by war in the Middle East.

Ministers and officials from Tuvalu, Samoa, Fiji, Palau, Federated States of Micronesia and the Republic of Vanuatu have signed off on the Tassiriki Call for a Fossil Fuel Free Pacific.

Urging countries to commit to a clear, time-bound process to negotiate a fossil fuel treaty is a key ask of the cohort.

The declaration further commits to wielding international law strategically to target fossil fuel production and subsidies following a landmark opinion on climate change from the International Court of Justice.

In the opinion, judges from the world’s highest court specified fossil fuel production could constitute an “internationally wrongful act”.

Carbon capture and storage, carbon offsetting and geoengineering were also singled out as deeply concerning and at risk of “diverting finance, political attention and time away from proven pathways aligned with the 1.5C limit”.

Tuvalu minister for home affairs, environment and climate change Maina Talia said the declaration marked the next chapter in a fossil fuel-free future.

“It sets a clear direction for our unified coalition of countries who are ready to secure a fast, fair and financed transition away from coal, oil and gas production,” Dr Talia said.

Vanuatu climate change, adaptation, meteorology and geo-hazards, and energy minister Ralph Regenvanu said the Tassiriki Call was a “blueprint for survival and prosperity”.

“It is a unified message from the frontline of the climate crisis: the age of fossil fuels must end.”

Australia holds a novel negotiating role at the next round of international climate talks to be held in Turkey, with Fiji and Tuvalu to hold pre-COP31 meetings.

At COP30 in Brazil, Australia signed the Belem Declaration that signals support for a fossil fuel transition roadmap. 

While Australia has been pursuing a rapid renewables transition and set ambitious climate targets, it remains a major exporter of fossil fuels.

One of Australia’s biggest buy now, pay later businesses has set a new earnings record as more people use its service to pay for everyday essentials such as utilities and insurance.

The news boosted Zip shares, which bounced more than 15 per cent, after it revealed a 41 per cent jump in quarterly cash earnings to a landmark $65.1 million.

Zip’s total transaction volume was up 22.4 per cent to $4 billion in the March quarter, while its operating margin expanded to 19.4 per cent, from 16.5 per cent a year ago.

Its bad debts increased, ticking up from 1.6 per cent of total transaction volume a year ago to 1.9 per cent in the March quarter.

Zip said this was within management targets and forecast bad debts to fall under 1.75 per cent of total transaction volume in the June quarter.

In Australia and New Zealand, where it has almost two million customers, spending with Zip was up 18.2 per cent.

“Growth was driven by increased use of Zip for everyday spend, including utilities, insurance, education and health,” it said in a statement.

Zip also operates in the US, where it has 4.6 million active customers.

The number merchants on Zip’s platform increased 12.7 per cent to 93,900, while Zip’s overall number of active customers rose 3.5 per cent to 6.5 million.

“Zip’s resilient business model continues to drive increased profitability at scale,” chief executive Cynthia Scott said.

Zip now expects to make no less than $260 million in full-year earnings before tax, depreciation and amortisation.

Zip had previously forecast second-half earnings to be broadly in line with its first-half $124.3 million, which would have meant full-year cash earnings of around $248.6 million.

According to fintech group Raiz Invest, consumer spending via instalments has surged 26 per cent over the past three years, from $469 per month in January 2023 to $589 in January 2026.

Raiz Invest chief executive Brendan Malone has told AAP that much of the spending relates to households managing grocery bills, covering school expenses and otherwise trying to make ends meet.

Zip shares were changing hands at $2.37 in morning trading – up 50 per cent over the past month, albeit down 31 per cent from the start of the year.

Zip partnered with TPG Telecom in Australia to launch ZMobile on April 9, a new mobile offering that lets customers activate an eSIM and manage their plans in the Zip app.

Asian stocks were poised for a second week of strong ‌gains and oil prices were pinned below $US100 ($A140) a barrel with investors hopeful for a near-term resolution to the Middle East war.

Investors have been quick to take ‌an optimistic view on any signs of denouement this month, even though the Strait of Hormuz – through which a fifth of the world’s oil and ‌gas supply typically flows – remains closed.

A 10-day ceasefire between Lebanon and Israel went into effect on Thursday and President Donald Trump said the next meeting between the United States and Iran may take place over the weekend, when their current ceasefire is due to expire.

That pushed oil prices lower, with Brent crude futures falling more than 1.0 per cent to $US98.14 ($A137.04) a barrel. US West Texas Intermediate crude futures fell 1.6 per cent to $US93.15 ($A130.08) a barrel.

In stocks, MSCI’s broadest index of Asia-Pacific shares outside ‌Japan was down ‌0.6 per cent, but remained close to ⁠its highest since March 2, the first trading day after the Iran war broke out.

The index ​is up 14.5 per cent in April after dropping 13.5 per cent in March. Japan’s Nikkei fell 0.9 per cent in early trading after hitting a record high on Thursday. Almost all stock markets are back to levels before the war erupted at the end of February.

For Andrew Chorlton, CIO for public fixed income at M&G, the last two weeks have been surprising in how quickly markets have been willing to look through the conflict and energy shock.

“There’s quite a strong contrast between ⁠what policymakers and central bankers are saying about the risks that this (conflict) is ‌creating versus what ​the market is implying,” he said.

“That seems somewhat complacent,” Chorlton added. “It seems unlikely that there shouldn’t be some additional risk premium priced in, either to growth ​or to inflation.”

The ‌US dollar benefited from safe haven flows in March, but has since given up those gains. The euro last bought $US1.1779 ($A1.6448), just below ​the seven-week high it touched in the previous session.

The US benchmark S&P 500 and the tech-heavy Nasdaq rose modestly to record closing highs for a second straight day on Thursday.

“I think equity markets are remaining positive and some solid US earnings have helped, but – and it’s ​a ​big but – we need to see some concrete evidence that ​peace is going to last,” said Nick Twidale, chief market strategist at ATFX ‌Global.

“And to me, that is a full reopening of the Strait, or we could see some substantial corrections in global stocks in the coming days and weeks.”

Closure of the waterway has caused the worst oil price shock in history, and spurred the International Monetary Fund to downgrade its outlook for the global economy, warning that a prolonged conflict could push the world to the brink of recession.

The dollar index, which measures the greenback against a basket of ​currencies including the yen and the euro, was at 98.24, loitering near its lowest since March 2. The index had declined for eight straight ​sessions through Wednesday.

The yen was steady ⁠at 159.32 per dollar while the risk-sensitive Australian dollar fetched $US0.7163 ($A1.0003), drifting near the four-year high it touched on ​Thursday.

US President Donald Trump has singled out Australia again for not supplying military assistance in its war against Iran, claiming “we asked them to be there”.

As Lebanon and Israel agreed to a 10-day ceasefire, Mr Trump criticised Australia for not supplying military aid to help reopen the Strait of Hormuz.

“I’m not happy with Australia because they were not there when we asked them to be there,” he said.

“They were not there having to do with Hormuz. So I’m not happy. I’m not happy with them.”

However, Defence Minister Richard Marles reiterated the US has not made a specific request for military support in the Middle East.

“We’ll work with all of our partners, our allies — and that very much includes the United States — in terms of whatever needs to be done in relation to the Strait of Hormuz,” he told ABC Radio on Friday.

“I’m not about to go into a running commentary on what the US president says. I mean, we’re dealing with the situations as we find them.

“That said, we very much support the strategic objective of denying Iran a deployable nuclear weapon and that capability.”

Australia had deployed an E-7A Wedgetail surveillance plane to the Middle East, following request from Gulf countries for defences from missile attacks.

Mr Marles said the federal government was in contact with the Trump administration “at different levels” on a regular basis .

“Our alliance with the United States is as important today as it’s ever been, and we continue to work deeply with the US and and that includes communicating to them where we’re at,” he said.

Opposition defence spokesman James Paterson said the relationship between the US and Australia needed to be prioritised, despite the criticism from the president.

“The reality is he is the president of our most important ally and he will be for the next three years. So this is an important relationship that needs to be managed,” he told ABC Radio.

“It is very unfortunate that we have this contradiction between what the Australian government is saying and what the US government is saying.”

Senator Paterson said Australia should participate as part of a multinational effort to reopen the Strait of Hormuz.

Treasurer Jim Chalmers, who is in Washington for talks with other finance ministers, said no formal request from the US had been received.

“It’s not unusual for President Trump to call for more investment from partners in allies when it comes to defence,” he told reporters.