The Australian government has announced a snap inquiry into the grocery supply chain, examining how the Middle East war is affecting food production and transportation across the nation. This is the third investigation sparked by the conflict, following an initial inquiry into high diesel prices due within a month and a broader report on agricultural products like fertiliser and pesticides due by year-end.
Agriculture Minister Julie Collins said the war was a timely reminder not to be complacent about Australia's supply chains. The probe comes as oil prices surged after US President Donald Trump gave Iran a 48-hour ultimatum to open the Strait of Hormuz or face destruction of its power plants. Brent crude rose to just over $114 a barrel amid threats of attacks and retaliation between the US and Iran.
Meanwhile, the head of the International Energy Agency, Fatih Birol, told the National Press Club in Canberra that Australia's fuel reserves are not cause for alarm. He noted that while demand-side measures like working from home can help reduce economic burden, the situation is not as dire as some reports suggest. Last week, IEA member nations released 400 million barrels of oil from reserves to relieve the crisis caused by the Middle East war.
In the Northern Territory, officials remain cautious for Katherine residents despite signs of avoiding a second wave of flooding from ex-Tropical Cyclone Narelle. Chief Minister Lia Finocchiaro warned that moderate floodwaters can still cause significant damage, urging continued vigilance.
