Italy has bought a rare portrait by baroque master Caravaggio, the ‌culture ministry says.

It cost 30 million euros ($A49 million), one of the largest sums the state has ever paid for a single artwork.

Painted in 1598, the work depicts Monsignor Maffeo Barberini, an influential cleric who later became Pope Urban VIII, one of the great patrons of the arts of his time.

The work had been held in a private Florence collection and was attributed to Caravaggio in 1963.

It was ‌shown in public ⁠for the first time in 2024 at Rome’s Palazzo Barberini and ​will now enter that museum’s permanent collection.

“After more than a year of negotiations, we are announcing today the acquisition … of an extraordinary masterpiece by Caravaggio,” Culture Minister Alessandro Giuli said in a statement.

He described the purchase as part of a broader effort to strengthen Italy’s public cultural heritage and prevent major works ⁠from disappearing into private collections.

The acquisition comes a ‌month ​after the culture ministry bought Antonello da Messina’s Ecce Homo for $US14.9 million ($A20.9 million), securing the rare work by the ​15th-century Renaissance master ‌just as it was due to be auctioned in New York.

Caravaggio, whose real name was ​Michelangelo Merisi, was a master of the chiaroscuro technique of lighting to make his subjects seem to come alive.

He died in 1610 in his late 30s after a ​turbulent ​life.

The painting of the future Pope ​Urban VIII is one of only a handful of ‌surviving Caravaggio portraits, with others having been lost or destroyed.

Only about 60 paintings worldwide are attributed to Caravaggio, many depicting religious narratives.

The Barberini portrait shows the bearded cleric seated and seemingly issuing instructions with a subtle gesture of his right hand.

The culture ministry said it would look to ​buy more artworks in the coming months “with the aim of making available to scholars and enthusiasts ​certain masterpieces of art ⁠history that would otherwise be destined for the private market”.

London Tube drivers will begin a ‌series of 24-hour strikes later ‌this month over planned changes to ‌their working hours, the RMT union says.

The first of six ‌announced strikes ‌will ⁠begin on March 24.

The ​dispute centres around a plan to compress drivers’ working week into four days, which the union ⁠says ‌is ​a safety risk.

“We are clear that ​these proposals ‌raise serious concerns around fatigue, ​safety and work-life balance,” RMT general secretary Eddie Dempsey said.

“There ​is ​still ​time for London Underground ‌to come up with a workable solution but we will take strike action if ​we cannot get a negotiated ​settlement.”

Australians are being warned every corner of the economy will be affected by soaring fuel prices as a result of the war in Iran.

But consumers are being urged to avoid panic buying, which is exacerbating supply problems and leading to spending limits at some service stations.

The average price of unleaded petrol and diesel has risen past $2 a litre in all major cities, leading to accusations of profiteering by fuel companies.

The consumer watchdog has put retailers on notice about giving false or misleading reasons for cost increases.

The rise in diesel prices in the capitals, some as high as 230 cents a litre, was going to be detrimental to agriculture, mining and transport, NRMA spokesperson Peter Khoury said.

“Every corner of the economy will see prices go up,” he told AAP.

“If these new record prices are sustained, that’s going to have a direct impact on what we pay in the supermarket aisle and that’s going to unfortunately, have a significant inflationary effect on the economy.”

Mounting conflict in the Middle East has closed one of the world’s most important oil corridors, the Strait of Hormuz, disrupting global shipping and putting a clamp on supply.

The motoring organisation said some parts of regional Australia were running low on diesel because of stockpiling and panic buying.

“We must go back to our normal buying habits for fuel, and oil companies have to ensure that as the tankers arrive in our terminals, that independent retailers in regional Australia are getting access to the fuel they need,” Mr Khoury said.

Farmers warn the fuel situation could affect the food supply, because of difficulties obtaining diesel and fertiliser.

“Rising diesel and fertiliser costs increase the cost of producing food, and those higher costs will flow through to grocery prices for Australian households,” Rural Aid chief executive John Warlters said.

“Farmers are worried about securing fertiliser in time for sowing, and with fuel shortages already emerging, there’s growing concern about keeping essential farm operations running.”

Energy Minister Chris Bowen said the service stations agency had told the government that demand had increased in some regional areas by 280 per cent.

“Fundamentally, Australia’s fuel security is good because of the minimum stock obligations that we have put in place,” he told parliament on Tuesday.

“Petrol and diesel and jet fuel have continued to be received in Australia as we would expect in recent days, and that the industry expects that to continue for the foreseeable future.”

Opposition resources spokeswoman Susan McDonald said the fuel shortage was a diaster of Labor’s making.

“We’ve got the four big wholesalers diverting fuel initially to retail pumps, cutting off farmers … people who are trying to grow food for this country, the truck drivers who are trying to deliver it,” she told 4BC radio on Tuesday.

Qantas on Tuesday raised fares on its international flights because of spiralling fuel prices.

The Nationals will hold a leadership ballot following the snap resignation of David Littleproud.

A formal vote to elect the new leader will be held on Wednesday morning in Canberra.

Mr Littleproud will remain in parliament representing his Queensland seat of Maranoa, after announcing he was stepping down during an emotional press conference alongside his wife Amelia.

“I’m just buggered,” he told reporters at Parliament House on Tuesday afternoon.

“I think someone better can do it, because I don’t have the energy.”

Outspoken Queensland senator Matt Canavan became the first to confirm he was putting his hand up for the top job.

“I believe I have the best chance to help win the battle for an Australia first-plan that can deliver a better life for all Australians,” he wrote in a social media post.

“I will put my case to my Nationals colleagues in the coming days and will respect whatever decision they make.

“I love the Nationals Party and I firmly believe that our pragmatic and grounded approach is what our country now needs.”

Deputy leader Kevin Hogan, the party’s leader in the Senate Bridget McKenzie, and former leader Michael McCormack are the other potential contenders.

Sources said all four candidates were canvassing support on Tuesday evening.

Consistently poor polling showing Pauline Hanson’s One Nation overtaking the coalition in voter support has shaken the Nationals, who fear a wipe-out at the next federal election.

Seats in regional Queensland and NSW are considered particularly at risk, threatening a number of electorates held by the Nationals.

The rural party lost the seat of Calare at the 2025 election to independent Andrew Gee, who quit the Nationals over their opposition to the Indigenous voice to parliament referendum.

Firebrand Northern Territory senator Jacinta Nampijinpa Price defected to the Liberal Party following the federal election defeat.

The move left the Nationals with only four seats in the Senate, below what is typically required to maintain “party status”.

Mr Littleproud said he wanted to spend more time with his family but would remain in parliament because he still wanted to represent regional Queensland.

There are grave fears for the safety of departing Iranian soccer players after five of their teammates were granted asylum in Australia.

The remaining Lionesses departed Australia on Tuesday night after flying from the Gold Coast to Sydney, although there were media reports one or two other players did not board the plane.

They earlier left a Gold Coast hotel under police guard with one player appearing to be dragged by a teammate onto the bus, in a video published by Nine newspapers.

Protesters had tried to block the bus from leaving for the airport.

Demonstrators opposed to the Iranian government also turned up at Sydney airport on Tuesday evening.

Players were branded “wartime traitors” on Iranian state TV for not singing the national anthem before their first Asian Cup match, just days after the killing of late supreme leader Ayatollah Ali Khamenei in US-led strikes.

The women who will stay in Australia include captain Zahra Ghanbari and players Fatemeh Pasandideh, Zahra Sarbali, Atefeh Ramezanizadeh and Mona Hamoudi.

The asylum offer was open to other players if they decided to seek assistance, Prime Minister Anthony Albanese said on Tuesday.

Iranian refugee advocate Ara Rasuli, who was involved with the asylum process, said the Australian government had “opened every avenue for the girls to stay here and to be protected”.

She said the players who returned to Iran possibly faced execution, and their families faced retaliation from the regime.

“They are in a lot of danger,” she said.

“There are all sorts of different threats, such as taking the families into custody, taking over their assets … and that’s why most of the girls are choosing to go back home, because the threats are a big issue in this matter.”

Retired Socceroos captain and human rights activist Craig Foster called for reform of global sport governance as women continued to be placed in these situations “far too often”.

“There will have to be accountability by the Asian Football Confederation and by FIFA as to what did not occur, what processes were not in place … this should have been avoidable,” he told AAP.

“It was foreseeable before the tournament. What has happened is neither uncommon … and was preventable.”

There have been previous instances where athletes have claimed asylum during sporting events, such as when the Afghan women’s cricket team, staff and family members fled to Australia after the Taliban’s takeover in 2021.

In a statement, the Australian Federal Police said it had been providing assistance to Home Affairs to help provide asylum to the Iranian’s women’s football team.

“The AFP has long and enduring relationships with the Iranian diaspora through the AFP’s Community Liaison Teams,” the statement read.

“The AFP acknowledges the community leaders, not-for-profit groups and ordinary Australians for their assistance and advocacy in this matter.”

French Finance Minister Roland Lescure says “all options are on the table” as the G7 countries consider releasing parts of their strategic oil reserves in response to the war in Iran.

France wants to hold further talks with partner countries, Lescure said, adding that the energy ministers of the G7 countries are due to meet for a conference call on the subject on Tuesday afternoon.

The International Energy Agency (IEA) will also be present at the meeting, Lescure said.

He ⁠said countries ‌had ​asked the IEA to elaborate ​scenarios for a potential ​oil ​stockpile increase.

G7 finance ministers met on Monday to discuss the possible move but did not reach a decision.

Economies occasionally release their strategic oil reserves in crisis situations to stabilise the oil market or respond to supply bottlenecks but the measure is rarely used.

Oil prices soared after the outbreak of the war in the Middle East on February 28.

Lescure emphasised that the group is prepared to use all necessary means to ensure that the oil market stabilises.

It also wants to see a reduction in the recent sharp rise in prices at the pump, he said.

Lescure said there was no danger of oil shortages in France, Europe or the United States.

The aim is rather to ease the tense supply situation on Asian markets, for example, by increasing the amount of oil in circulation, he said.

with Reuters

The world’s top ‌oil exporter warns there will be “catastrophic consequences” for the world’s oil markets ‌if the Iran war continues to disrupt shipping in the Strait of Hormuz.

The disruption has not only upended the shipping and insurance sectors but also promises to have drastic domino effects on aviation, agriculture, automotive and other industries, the chief executive of Saudi Arabia’s Aramco, Amin ‌Nasser, told reporters ‌on an ⁠earnings call.

Nasser noted global inventories of oil were at ​a five-year low and said the crisis would lead to drawdowns at a faster rate, adding that it was critical that shipping in the strait resumed.

“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on, ⁠and the more drastic the consequences for ‌the ​global economy,” he said on Tuesday.

Nasser also said a small fire from an attack ​last week on Aramco’s ‌Ras Tanura refinery, its largest domestically, was quickly extinguished and brought under ​control, adding that the refinery was in the process of being restarted.

Iran’s Revolutionary Guards said on Tuesday they would not allow “one litre of oil” ​to ​be shipped from the Middle ​East if US and Israeli attacks continue, prompting ‌a warning from President Donald Trump that the US would hit Iran much harder if it blocked exports from the vital energy-producing region.

His comments come after Aramco reported a 12 per cent drop in annual profit mainly due to lower crude ​prices.

It also announced it would repurchase up to $US3 billion ($A4.2 billion) worth of shares ​in its first-ever buyback.

Qantas Airways will hike fares on its international routes in response to ‌the surge in jet fuel costs due to the conflict in ‌the Middle East.

The Australian flag carrier also said it was considering adding capacity on its existing Europe routes in the coming months. 

The US-Israeli war on Iran ‌has sent ‌oil prices ⁠surging, upending global travel and sparking fears ​of a deep travel slump and the potential for the widespread grounding of planes.

Airfares on Asia-Europe routes have already spiked due to airspace closures and capacity constraints.

Air New Zealand, Qantas’s rival, ⁠also announced earlier on Tuesday broad ​increases to ticket prices, one of the first airlines to ​do so ‌since the start of the war.

Qantas said in a statement to Reuters that flights on its European routes were operating as scheduled and were more than 90 per cent ​full ​in March, about ​15 percentage points above typical levels for ‌this time of year.

“More customers have also been choosing to travel to Europe via the United States, other Asian cities, and Johannesburg, connecting through Qantas’ partner airline network,” Qantas said.

“We ​are exploring options to redeploy capacity into Europe on existing ​routes in ⁠the coming months.”

China’s exports jumped nearly 22 per cent in the first two months of 2026 from a year earlier, powered by a surge in shipments of computer chips, autos and electronics. 

The export figures released by China’s customs agency on Tuesday were much better than economists had forecast. 

They far exceeded the 6.6 per cent annual pace of growth recorded in December.

Shipments to the US fell 11 per cent in January and February, narrowing from a 30 per cent drop in December. 

Exports to the European Union increased almost 28 per cent while those to Latin America climbed 16 per cent.

Exports to the rest of Asia, including Japan and India, also were sharply higher. 

China’s exports have been a bright spot for its economy despite tensions with the US Chinese exports climbed 5.5 per cent for 2025 as its trade surplus surged to a record of nearly $US1.2 trillion ($A1.7 trillion). 

Higher shipments to other regions have helped offset weaker exports to the US after President Donald Trump imposed a variety of higher tariffs on imports from many countries. 

The boom in use of artificial intelligence is driving strong demand for computer chips of all kinds. 

China’s exports of semiconductors by value soared nearly 73 per cent in the first two months of 2026, partly also lifted by higher prices as the world faces a memory chip shortage. 

Its exports of autos rose 67 per cent and mechanical and electrical items rose 27 per cent. 

Trump’s planned visit to Beijing at the end of March is being closely watched for a possible extension of a trade truce between the two countries reached in October 2025, which could be positive news for Chinese exports to the US.

A recent US Supreme Court ruling against Trump’s sweeping tariffs has already resulted in lower tariffs for countries including China.

China’s total imports in January and February rose almost 20 per cent, up from December’s 5.7 per cent year-on-year increase. 

However, its imports from the United States dropped nearly 27 per cent from a year earlier.

China’s global trade surplus in January-February was $US213.6 billion. Trade data is typically combined for January to February each year to help even out seasonal impacts from the Lunar New Year festival. 

A slowing domestic economy fuelled by a years-long property sector downturn has weighed on the world’s second-largest economy. 

Last week, Chinese leaders announced an economic growth target of 4.5 per cent to 5.0 per cent for 2026, the lowest since 1991.

The war in the Middle East has raised uncertainty over the outlook for trade and for China’s own energy security. 

An effective blockade of the Strait of Hormuz, a transit point for much of the world’s trade in oil and gas, might restrict China’s access to relatively cheap Iranian oil and also impede its broader commerce with the region.

David Littleproud has shocked colleagues by announcing his resignation as Nationals leader, saying he has run out of steam to head up the party.

Mr Littleproud will remain in parliament as the member for Maranoa, saying he loved representing the people of regional Queensland but it wouldn’t be right for him to continue at the helm of the party.

“I’m just buggered,” he told reporters in Canberra on Tuesday during an emotional press conference alongside his wife Amelia.

“It’d be wrong for me to say that I’m the right person to continue to lead. That’s tough for me to say.

“I think someone better can do it, because I don’t have the energy.”

Mr Littleproud said he wanted to spend more time with his family but he still loved coming to parliament, which was why he wasn’t resigning entirely. 

“I want to come back to this place as I did when I first got into parliament, with that spring in my step, the excitement of coming here, throwing a few grenades, having a couple of beers and enjoying myself, and I haven’t had that for a while,” he said.

Matt Canavan, one of the regional party’s most outspoken members, on Tuesday became the first to throw his hat in the ring for the party’s top job.

But there is no clear successor for the leadership with deputy Kevin Hogan, the party’s Senate leader Bridget McKenzie and former leader Michael McCormack among other potential contenders.

Senator Canavan thanked the outgoing leader as he announced his candidacy on social media. 

Senator McKenzie wouldn’t buy into whether she would run for the leadership.

“David’s just resigned and I think it is on all of us to actually reflect on his service, it’s not easy to lead a political movement, particularly after such a devastating loss at the last election,” she told ABC TV.

A Nationals party room meeting will be held by the end of the week to select a new leader.

Mr Littleproud first entered parliament in 2016, representing one of the safest seats in the country and took over the Nationals’ leadership after the coalition’s 2022 election defeat.

He courted controversy when he announced he would not renew the coalition agreement with the Liberals after the 2025 election, citing policy disagreements.

The parties reunited but split again in January following a dispute over hate speech laws, before getting back together weeks later.

The Nationals have been under pressure from One Nation as it rises in the polls, with former leader Barnaby Joyce defecting to Pauline Hanson’s party in December.

Mr Littleproud survived a leadership challenge from Queensland backbencher Colin Boyce in February.

Opposition Leader Angus Taylor paid tribute to the outgoing Nationals head, acknowledging him as a man of his word and saying he had played a critical role in shaping the direction of the coalition.

“David is a man of great dignity who has led his party with great energy and commitment,” he said.

Prime Minister Anthony Albanese wished Mr Littleproud well.

“It is a significant achievement to be chosen to lead your party,” he said in a statement.

“David can look back on his four years as leader of Nationals and 10 years as member for Maranoa knowing he has given his utmost.”