Australia news live: escalating Middle East conflict will see prices rise again, Chris Bowen says

The energy minister says Australia has 41 days’ worth on petrol in strategic reserve. Follow today’s news live

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We’ll be hearing from federal politicians later this morning but before we do, a quick update on one of the big challenges to the global economy: fuel security.

Conflict in the Middle East is again placing pressure on the supply of crucial oil exports. On Friday, Saudi authorities said drones launched from Iraq led to a temporary closure of a crucial oil export route used to bypass the lockdown of the strait of Hormuz.

The situation is getting worse in the Middle East. The dispute involving Saudi Arabia and the Houthis and the ongoing war in Iran is doing nothing to improve the fuel supply around the world and is pushing up prices of oil.

We’re seeing that in the markets even overnight, and that will inevitably also flow through to Australia. However, the Australian government will remain firmly focused on ensuring our fuel security, just as we have for the last more than six months since this crisis began.