Oil Price Volatility, Iran Soccer Players Get Visas

Good morning, Rich from the Melbourne bureau here. War and oil dominate headlines today, as the Iran conflict’s impact on energy ripples across the global economy. President Donald Trump threw investors a curveball late Monday in the US, describing the war as “very complete,” in comments that led the stock market to pare back some of its losses. Oil prices fell.

In Australia, the conflict’s impact on energy has triggered a surge in fuel demand. Air New Zealand suspended its earnings guidance, given the potential for quickly rising jet fuel prices. For now, uncertainty reigns. - Richard Henderson, cross-asset reporter.

Australia is in the grip of a fuel demand surge as consumers stock up to avert any potential supply disruptions from the Iran war. A “big spike in extra orders,” has created “supply chain issues,” according to Energy Minister Chris Bowen. There is sufficient fuel supply, Bowen said, with 3 billion liters of diesel and 1.5 billion liters of petrol in stock in the country.