SYDNEY — Hundreds of petrol stations across Australia have run out of diesel or unleaded fuel amid a worsening supply crunch triggered by the escalating conflict in the Middle East, prompting the federal government to temporarily lower diesel standards for six months and release emergency reserves to ease shortages.

Energy Minister Chris Bowen told Parliament on Monday that more than 100 stations in Victoria alone had no fuel of at least one grade, while New South Wales reported 164 without diesel and 289 missing at least one type out of more than 2,400 locations. Queensland saw 47 stations out of diesel and 32 without regular unleaded. Similar shortages hit other states, with Victoria recording up to 134 to 160 stations affected in recent days.

The disruptions stem from the U.S.-Israeli military actions against Iran that have severely curtailed oil flows through the Strait of Hormuz, cutting supplies to Asian refineries that provide most of Australia’s imported fuel. Australia imports about 90% of its petrol, diesel and jet fuel, with the vast majority coming via Asian processing hubs. Six fuel shipments bound for Australia were canceled or deferred in recent weeks, exacerbating the strain.

As of mid-March, Australia held roughly 38 days’ worth of petrol, 30 days of diesel and 30 days of jet fuel, according to the latest government figures. Bowen insisted the overall market remains well-supplied at a national level and blamed much of the local shortages on panic buying that has spiked demand by 300% to 400% in some areas. He ruled out immediate rationing but confirmed the government has released about 20% of its strategic fuel reserves — roughly a week’s worth of supply — into the domestic market.

On Tuesday, the government announced it would relax diesel quality standards for six months, allowing higher-sulphur fuel into the system to add nearly 100 million extra litres per month. The move aims to help farmers, truckers and regional communities facing acute shortages. Two remaining domestic refineries are operating at full capacity and have been directed to prioritize Australian supply over exports, with government subsidies to keep them running.

Retail prices have surged sharply. The national average for unleaded 95 petrol rose 18.5 cents to 238 cents per litre in the latest weekly figures, while diesel climbed 36.8 cents to 239.6 cents. Some regional stations reported diesel above $3 per litre, with isolated cases nearing $4. Australia recorded the fastest fuel price increases in the developed world since the conflict began, according to global tracking data.

The crisis has hit key sectors hard. Farmers warned that diesel shortages could delay planting and harvesting, potentially driving up food prices by as much as 50% if prolonged. Trucking operators reported fuel levies rising weekly, with some independent haulers halting operations. Logistics giants like DHL and Australia Post have hiked surcharges significantly, with parcel delivery costs nearly tripling in some cases. Manufacturers spoke of “brutal” price hikes flowing through supply chains.

Panic buying has compounded the problem. Motorists queued for hours at remaining stations, and roadside assistance groups reported a 15% spike in callouts for vehicles running out of fuel. In some rural towns, stations imposed informal limits or sold out entirely by midday. The NRMA in New South Wales noted a surge in stranded drivers.

The government has activated a National Fuel Supply Taskforce and secured interim authorization from the Australian Competition and Consumer Commission allowing major suppliers to coordinate distribution without breaching competition laws. A supply deal with Singapore, one of Australia’s key refined fuel sources, was also inked to stabilize inflows.

An old 2019 national fuel emergency response manual, obtained via freedom of information, revealed contingency plans including a $40 per transaction cap — roughly 16 litres at current prices — that could be imposed only after a formal declaration of a liquid fuel emergency by the Governor-General. Officials stressed no such declaration is imminent and ruled out the $40 limit for now.

Defence analysts expressed concern over Australia’s thin strategic reserves, noting the country has consistently fallen short of the International Energy Agency’s 90-day stockholding obligation. Former senior military figures outlined five short-term options to boost supply, including greater use of domestic oil reserves, accelerated imports from alternative sources and potential military logistics support. A 2025 government war-gaming exercise had already warned of “significant economic impact” from a fuel crisis compounded by other disasters.

Economists warned the crisis could rival the economic shock of the COVID-19 pandemic if oil prices remain elevated and supply chains stay disrupted. Treasurer Jim Chalmers highlighted risks to inflation and growth. Public transport usage has risen as commuters seek alternatives, prompting calls from unions for fare-free services during the crunch.

Prime Minister Anthony Albanese has held talks with the IEA chief and state leaders, urging calm while emphasizing that ships continue to arrive, albeit with some delays. The government has encouraged measures such as working from home where possible, reducing driving speeds and avoiding non-essential air travel to conserve fuel.

Regional areas feel the pain most acutely. In New South Wales and Victoria, farmers and freight operators reported rationing diesel for essential tasks. Some remote communities faced complete outages, forcing residents to travel long distances for fuel.

The Australian Institute of Petroleum and industry groups called for steady consumer behavior to avoid worsening localized shortages. Meanwhile, electric vehicle sales have ticked up at auctions as some drivers seek longer-term alternatives, though high upfront costs limit widespread shifts.

As the Middle East situation evolves, analysts predict the pressure on Asian refineries could intensify in coming weeks, creating a potential “crunch time” for Australia at the end of the supply chain. The International Energy Agency has described the global disruption as potentially worse than the 1973 and 1979 oil shocks combined if the conflict persists.

For now, Bowen and other officials continue to reassure the public that national supply remains adequate until at least mid-April, provided panic buying subsides. Travelers and businesses are advised to fill up early, plan routes carefully and check local station apps or websites for real-time availability.

The crisis has reignited debate over Australia’s fuel security, including calls for greater domestic refining capacity, larger strategic reserves and accelerated transition to alternatives. With prices climbing and stations running dry, the coming weeks will test both government response and public resilience in the face of global energy turmoil.

Sam Champion, the longtime weatherman for “Good Morning America,” offered a reassuring health update from his hospital bed Sunday after undergoing a cardiac catheterization procedure at Mount Sinai Fuster Heart Hospital in New York City. The 64-year-old television personality said doctors addressed issues discovered during a routine nuclear stress test and that he expects a full recovery.

In an Instagram post shared March 22, Champion smiled and waved from his hospital bed while expressing gratitude to his medical team. “Thank you Dr. Stam Lerakis and Dr. Sharma and the WONDERFUL team of nurses at @mountsinaimedicalcenter Fuster Heart Hospital!” he wrote. “Many of you know I had a nuclear stress test last Thursday. And we found some things that needed to be taken care of so today I went into the cardiac catheterization laboratory…..and we took care of it. Thanks to these procedures, I am well and expected to make a full recovery.❤️”

The post quickly drew supportive comments from colleagues and fans. “Good Morning America” co-anchor Robin Roberts, a longtime friend of Champion’s, sent well wishes, as did correspondent Rebecca Jarvis and other ABC personalities. Champion has been a familiar face on morning television for decades, serving as chief meteorologist on “GMA” from 2006 to 2013 before returning in recent years while also anchoring weather on WABC-TV in New York.

Champion first mentioned the upcoming nuclear stress test in an Instagram video posted March 19. Appearing slightly tired, he told followers, “I’m more tired than normal this morning because I have a stress test exam. They’re gonna make me run on a treadmill and watch how my heart functions today. It’s one of those old people things that you have to do.” The test, which uses radioactive dye and imaging to assess blood flow to the heart during rest and exercise, revealed abnormalities that prompted further intervention.

Cardiac catheterization is a common minimally invasive procedure in which a thin tube is threaded through a blood vessel to the heart. Doctors can use it to diagnose blockages or perform interventions such as inserting a stent to open narrowed arteries or conducting balloon angioplasty. While some media outlets initially described the intervention as “emergency heart surgery,” medical experts note that catheterization with possible stenting is typically classified as a procedure rather than open-heart surgery.

Mount Sinai Fuster Heart Hospital is part of the Mount Sinai Health System and ranks among the nation’s top cardiac care centers. Named after renowned cardiologist Dr. Valentin Fuster, the facility specializes in advanced treatments for heart disease, prevention and research. Champion’s choice of the hospital underscores the seriousness with which he and his physicians approached the findings from the stress test.

Champion has been open about health matters in the past. In October 2024, he took time away from “GMA” to treat basal cell carcinoma, a common form of skin cancer, and shared photos of the scar on his back upon returning to air. His transparency about medical issues has resonated with viewers, many of whom praised his positive attitude in the latest update.

“GMA” executive producers and anchors expressed relief at the news. The program has featured Champion delivering weather segments from various locations, including during major storms and live events. Colleagues described him as energetic and dedicated, often arriving early to prepare detailed forecasts that blend science with approachable storytelling.

At 64, Champion remains an active figure in broadcast meteorology. He holds the American Meteorological Society’s Certified Broadcast Meteorologist designation and has earned multiple Emmy Awards for his work. Before joining ABC, he built his career at stations in Atlanta and New York, earning a reputation for accurate, enthusiastic reporting on everything from hurricanes to winter nor’easters.

The timing of the procedure came during a relatively quiet news period for “GMA,” allowing Champion a brief recovery window. Sources close to the show indicated he is expected to return to air in the coming days or weeks, depending on his doctor’s clearance. No official timeline has been announced, but his optimistic message suggested a swift rebound.

Medical professionals emphasize that routine stress tests are crucial for early detection of coronary artery disease, especially in individuals over 60 or with risk factors such as family history, high blood pressure or previous health concerns. When abnormalities are found, prompt catheterization can prevent more serious events like heart attacks.

Champion’s update arrived amid broader public conversations about heart health, preventive screenings and the importance of listening to one’s body. Cardiologists not involved in his care noted that nuclear stress tests are highly effective at identifying reduced blood flow, and catheterization allows immediate treatment in the same session when appropriate.

Fans flooded social media with messages of support, sharing stories of their own experiences with similar procedures and praising Champion’s candor. Many noted his sunny disposition even while hooked up to monitors, calling it typical of the weatherman known for bright forecasts and upbeat delivery.

Champion’s personal life has also drawn public interest over the years. He married his husband, Rubem Robierb, in 2020 in a ceremony that blended Brazilian and American traditions. Robierb, an artist, has been by Champion’s side during previous health challenges, and the couple frequently shares glimpses of their life in New York and travels.

The Mount Sinai Fuster Heart Hospital has treated numerous high-profile patients and conducts cutting-edge research into cardiovascular disease. Its multidisciplinary teams include interventional cardiologists, imaging specialists and rehabilitation experts who guide patients from procedure through recovery.

As of Tuesday, no further updates had been posted by Champion, but representatives for “GMA” confirmed he is resting comfortably and in good spirits. Colleagues have stepped in to cover weather duties, maintaining the show’s seamless morning format.

Champion’s experience serves as a reminder that even seemingly routine check-ups can uncover treatable conditions. Health organizations recommend regular screenings for adults, particularly those in high-stress professions or with demanding schedules like broadcast journalists.

For now, the veteran meteorologist appears focused on healing. His Instagram post ended on a hopeful note, reinforcing the message that timely medical intervention can lead to positive outcomes. Fans and colleagues alike await his return to the “GMA” desk, where his familiar smile and accurate forecasts have become morning staples for millions.

In a statement, an ABC spokesperson said, “We are grateful for the excellent care Sam received and look forward to welcoming him back when he is ready.” The network has a long tradition of supporting on-air talent through health challenges, as seen with anchors like Robin Roberts, who has shared her own journeys with breast cancer and a bone marrow transplant.

Champion’s latest health chapter appears headed toward a successful close, thanks to modern cardiac care and his proactive approach. As he recovers at one of the country’s premier heart hospitals, the weatherman who has spent decades forecasting storms is now navigating his own path back to full strength with characteristic optimism.

Amid Pakistan‘s offer to mediate between Iran, US and Israel to end the conflict in the Middle-East, a cargo ship headed for Karachi was forced to reverse course after Iran denied it passage through the Strait of Hormuz, citing lack of clearance and protocol violations. The move comes at a time when traffic through the crucial energy corridor has slowed sharply amid rising conflict in West Asia.

Pakistan ship stopped

According to a statement from the Iranian Embassy in Kabul, the container vessel SELEN failed to obtain mandatory approval before attempting to cross the strait. Iranian authorities said the ship did not follow established legal procedures required for transit.

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“The container ship SELEN was turned back by the IRGC Navy due to failure to comply with legal protocols and lack of permission to pass through the #Hormuz Strait”, the statement read.

“The passage of any vessel through this waterway requires full coordination with the maritime authority of the Islamic Republic of Iran”, it said.

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Officials from the Islamic Revolutionary Guard Corps Navy later confirmed the action, reiterating that all vessels must secure prior clearance.
Rear Admiral Alireza Tangsiri said the ship was turned back for not obtaining permission to pass through the strait, adding the vessels must now coordinate transit with Iranian maritime authorities.

Pakistan offers to mediate in Iran-Israel-US war

Pakistan has recently stepped forward with an offer to mediate between Iran, the United States and Israel as tensions escalate in West Asia. Prime Minister Shehbaz Sharif publicly said Islamabad would be “ready and honoured” to host peace talks if all sides agree, positioning the country as a neutral venue for dialogue. The proposal gained traction after Donald Trump amplified the offer on social media, signalling openness to third-party facilitation. While Iran has denied any direct negotiations with Washington, it has acknowledged that “friendly states” — including Pakistan — are passing messages between the sides, indicating backchannel diplomacy is underway even as formal talks remain uncertain.

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US President held talks with Pakistan’s Army Chief Asim Munir

US President Donald Trump held a conversation earlier this week with Pakistan’s army chief Asim Munir, as Islamabad steps up efforts to present itself as a mediator in the ongoing tensions involving the US, Israel and Iran. Separately, Prime Minister Shehbaz Sharif spoke with Iranian President Masoud Pezeshkian on Monday, according to officials aware of the developments.

These diplomatic contacts came around the same time Trump announced a five-day pause on his threat to target Iran’s power plants. He described his recent engagement with Tehran as “very good and productive” and suggested it could help bring the conflict to an end.

However, the White House made it clear that there are no formal negotiations at this stage and cautioned against reading too much into the developments. “These are sensitive diplomatic discussions and the United States will not negotiate through the news media,” it said.

Trump’s posts on Truth Social briefly pulled down global oil prices, though it remains uncertain whether Pakistan’s outreach played any direct role in that movement. Experts say the lack of concrete progress and continued tensions are keeping markets and the region unsettled.

Pakistan pitches Islamabad as talks venue

According to two officials familiar with the matter, Pakistan has предложed Islamabad as a possible location for high-level talks. The proposed discussions could involve senior US officials such as Vice President JD Vance, along with Trump’s envoys Steve Witkoff and Jared Kushner, and representatives from Iran.

In its official statement after the Sharif-Pezeshkian call, Pakistan said the prime minister briefed the Iranian side on Islamabad’s diplomatic outreach and reiterated its willingness to support peace efforts. “While sharing with the Iranian President the diplomatic outreach efforts of Pakistan’s leadership, the prime minister assured the Iranian leadership that Pakistan would continue to play a constructive role in facilitating peace,” the statement said.

Why the Strait of Hormuz matters now

The Strait of Hormuz remains one of the world’s most sensitive maritime routes, handling nearly 20% of global oil and gas shipments. Any disruption here tends to ripple across energy markets and shipping lanes worldwide.

The latest intervention signals tighter control by Tehran as regional tensions escalate following recent military exchanges involving the United States and Israel.

$2 million transit fee plan raises stakes

Iran has also indicated that some ships may now face a transit fee of up to $2 million while crossing the strait, in what officials describe as a new assertion of sovereignty.

Iranian lawmaker Alaeddin Boroujerdi said the move reflects a shift in how the country manages the waterway.

“Collecting $2 million as transit fees from some vessels crossing the strait reflects Iran’s strength,” Boroujerdi said.

“Now, because war has costs, naturally we must do this and take transit fees from ships passing through the Strait of Hormuz,” he added.

Political ripple in India

The development quickly drew reactions in India’s political circles. Amit Malviya criticised narratives around Pakistan’s diplomatic positioning.

“So much for the ‘Pakistan is brokering peace’ narrative peddled by the usual suspects in India,” he wrote on X.

“Iran has reportedly turned back a vessel bound for Karachi after it failed to secure approval to pass through the Strait of Hormuz”, he added.

‘Open to all except adversaries’

Earlier, Iran’s President Masoud Pezeshkian signalled a conditional openness on access to the strait.

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

U.S. air travelers could soon embark on journeys faster than the speed of sound if a bill in the House of Representatives is taken up in the Senate.

The House voted to legalize supersonic flight in a decisive bipartisan vote on Tuesday, with the bill passing unanimously by voice vote in the early evening.

Supersonic passenger flights over land were banned by the Federal Aviation Administration (FAA) in 1973 over noise concerns, and no such planes were ever manufactured in the U.S. by American-owned airlines.

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The bill, led by Rep. Troy Nehls, R-Texas, would give the FAA a year to update its rules to allow for passenger flights over land that are faster than Mach 1.

But the caveat for those flights is that they must not be heard or felt by people on the ground, thereby eliminating noise pollution concerns.

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Nehls, who chairs the House Transportation Committee’s subcommittee on aviation, told Fox News Digital that his bill would “ensure that the United States doesn’t fall behind our foreign adversaries in aviation innovation.”

“For decades, agency regulations have held back American innovation and supersonic flight. My bill puts a stop to that and safely unleashes the next era of aerospace innovation. The Senate must act swiftly to pass this legislation to codify President Trump’s executive order and ensure the U.S. is the world’s leader in supersonic aviation,” Nehls said.

Boom Supersonic, a company backing the bill, told Fox News Digital, “We have demonstrated that civil supersonic flight can be safe, efficient, and quiet. Today’s bipartisan vote is an important step toward codifying the executive order signed by the President last year that overturns a 50 year old outdated regulation, clearing the runway for all of us to enjoy faster flights.”

Nehls’ bill follows an executive order unveiled in June of last year by President Donald Trump, which the White House said would reverse five decades of “outdated and overly restrictive regulations.”

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The now-retired Concorde airliner, a British and French company, famously operated trans-Atlantic supersonic flights for 27 years through the late 20th century.

But Concorde flew its last commercial flight in 2003 after high cost overruns, maintenance costs, and a significant decrease in passenger flights following a fatal Air France flight involving a Concorde jet in July 2000, the airliner’s only deadly accident in its operating history.

Good morning! Here’s the latest in trending:

Meta news: Jury finds Meta (META) liable for endangering kids online, while its top brass looks set to get even richer.

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The stock market is reacting positively to President Donald Trump’s claim that Iran wants a deal to end the war, which is now in its fourth week. Even crude oil futures are down, signaling optimism over the Trump administration’s eagerness to find an off-ramp from the conflict. But is there an end in sight?

Washington’s view: The U.S. reportedly sent Iran a 15-point plan to end the war, delivered through Pakistani intermediaries. The plan addresses Iran’s ballistic missile and nuclear programs, as well as maritime routes through the Strait of Hormuz, which Tehran has effectively blocked. It remains unclear whether Israel, which has been bombing Iran alongside the U.S., is on board with the proposal. Trump also announced that Iran offered the U.S. a “present” that’s “worth a tremendous amount of money” as a show of good faith amid negotiations. He said the gift was related to energy flows through the Strait of Hormuz.

Tehran’s response: But Iran has refuted Trump’s claims. “Has the level of your inner struggle reached ‌the ⁠stage of you negotiating with yourself?” Ebrahim Zolfaghari, spokesperson for the Khatam al-Anbiya ​Central Headquarters (Iran’s main military command), asked. “You will see neither your investments in the region nor the former prices of energy and oil again, until you understand that stability in the region is guaranteed by the powerful hand of our armed forces.” Tehran has reportedly set a high bar for ceasefire negotiations, demanding that the U.S. shut down its Gulf bases and pay reparations for its attacks. It also wants to collect fees from ships transiting the Strait of Hormuz and keep its missile program with no negotiations to limit it, among other demands.

Bigger picture: “Markets desperately want to believe in the positive,” UBS’ Paul Donovan noted. “Focus on the apparent 15-point U.S. plan to end the war has received more attention than Iranian dismissals of this, or the fact that passage through the Strait of Hormuz is minimal.” SA analyst Eugenio Catone on Monday said he remained cautious despite Trump’s de-escalation claims. “At this point, I believe that both Iran and Israel are the main actors in this war, so they are the most reliable sources to understand where this conflict is really heading,” he said. “Right now, none of them is stepping back; therefore, I consider the recent stock market enthusiasm as a dead cat bounce.”

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Today’s Markets

In Asia, Japan +2.9%. Hong Kong +1.1%. China +1.3%. India +1.6%.
In Europe, at midday, London +1.2%. Paris +1.5%. Frankfurt +1.5%.
Futures at 6:30, Dow +0.8%. S&P +0.8%. Nasdaq +1%. Crude -5.1% to $87.67. Gold +3.4% to $4,553.50. Bitcoin +0.3% to $71,352.
Ten-year Treasury Yield -3 bps to 4.33%.

On The Calendar

Companies reporting today include Beyond Meat (BYND) and PDD (PDD).

See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.

The head of the world’s largest asset manager has warned that a sustained surge in oil prices to $150 a barrel could push the global economy into a sharp recession, as geopolitical tensions continue to destabilise energy markets.

Larry Fink, chief executive of BlackRock, said the trajectory of the Middle East conflict, particularly the role of Iran, will determine whether the world faces a temporary disruption or a prolonged economic shock.

“If oil prices stay elevated and Iran remains a threat, that will have profound implications,” he said, warning that a scenario of sustained high prices could lead to “a probably stark and steep recession”.

Fink outlined two contrasting outcomes for global markets.

In a more optimistic scenario, a resolution to the conflict and a stabilisation of relations could see oil prices fall back below pre-war levels, easing inflationary pressures and supporting growth.

However, in the more pessimistic case, prolonged instability could drive oil prices above $100, and potentially towards $150, for several years. That would significantly increase costs for businesses and consumers, acting as a drag on economic activity worldwide.

Energy prices have already surged in recent weeks, with Brent crude climbing sharply amid disruptions to supply routes and heightened uncertainty over future production.

Fink emphasised that rising energy prices disproportionately affect lower-income households, describing them as a “very regressive tax”.

“Higher energy costs hit the poorest the hardest,” he said, noting that sustained increases would not only dampen consumer spending but also exacerbate inequality.

The warning comes as governments, including the UK, face growing pressure to shield households and businesses from rising costs, even as public finances remain stretched.

The BlackRock chief urged policymakers to adopt a pragmatic approach to energy policy, combining existing fossil fuel resources with accelerated investment in renewables.

“Use what you have, unquestionably, but also aggressively move towards alternative sources,” he said.

He argued that high oil prices could ultimately accelerate the global transition to cleaner energy, as countries seek to reduce dependence on volatile fossil fuel markets. Solar and wind power, in particular, could see rapid expansion if energy costs remain elevated.

However, he warned that progress has been uneven. While China is investing heavily in solar and nuclear capacity, Europe risks falling behind due to slow implementation and regulatory inertia.

Despite market volatility, Fink dismissed comparisons with the 2007–08 financial crisis, insisting that today’s financial system is far more resilient.

“I don’t see any similarities at all, zero,” he said, arguing that while some stress is emerging in areas such as private credit funds, it represents a small portion of the overall market.

Fink also addressed concerns about a potential bubble in artificial intelligence, rejecting the idea that investment in the sector is overinflated.

“I do not believe we have a bubble at all,” he said, although he acknowledged that some companies may fail as the technology evolves.

He argued that AI is part of a broader race for technological dominance, particularly between the US and China, and that continued investment is essential to remain competitive.

At the same time, he highlighted the transformative impact AI is likely to have on the labour market. While some traditional office roles may decline, he expects significant job creation in skilled trades.

“There will be enormous demand for electricians, welders and plumbers,” he said, suggesting that societies will need to rethink their approach to education and career pathways.

With BlackRock overseeing around $14 trillion in assets, Fink’s outlook carries significant weight among policymakers and investors.

His warning underscores the fragile state of the global economy, where energy markets, geopolitical tensions and technological change are converging to reshape growth prospects.

For now, the key variable remains oil. If prices continue to climb towards the $150 threshold, the risk of recession will rise sharply, forcing governments and central banks to navigate an increasingly complex and volatile economic environment.

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