US-Iran war updates: Albanese at Geelong refinery, Lebanon-Israel ceasefire, Trump ‘not happy’ with Australia

The treasurer says he does not expect Australia to be plunged into recession as a result of the deepening oil crisis but is warning of slower economic growth and higher inflation.

During a visit to Washington, Jim Chalmers said it was appropriate for the government to “consider a whole range of scenarios, from minor scenarios to more significant scenarios.”

“Our current expectation is that the economy will continue to grow. But more slowly,” he told reporters in the US capital.

“I think it’s self-evident when you have an oil shock of this magnitude and this nature, that it will have impacts on inflation and on growth simultaneously.”

“We don’t yet know how severe those consequences will be. But we already know that they are serious.”

Richard Marles says petrol production is what has been most impacted by the Viva Energy refinery fire, saying supply for that is the least effect from the global fuel crisis, attempting to calm fears of stage three restrictions.

“The information that I’ve got from the company, and I spoke with Scott Wyatt, the CEO of Viva Energy yesterday, and they are hopeful that this will have a relatively minimal impact on supply,” he told ABC News Breakfast.

“But the part of the refinery that was affected is the part that makes petrol. That is the type of fuel which has been least affected by supply.”

Anthony Albanese, Richard Marles and Chris Bowen have wrapped up urgent talks at Viva Energy in Geelong after a fire ripped through one of Australia’s two remaining refineries.

“The good news is that no one was injured in the incident that occurred,” Mr Albanese said from the fire site on Friday morning.

“This is an incident that obviously is regrettable, partially given in the timing that it has occurred.

“The advice we have been given today is that 80 per cent of diesel production is continuing, 80 per cent of aviation fuel is continuing, ongoing. It has been slowed down, just slightly.”

Mr Albanese said that 60 per cent of petrol production would be proceeding today.

“We hope, as does the company, that that ramps up in the coming period as well,” Mr Albanese said.

“We can announce that BP has joined the companies that have an agreement with Export Finance Australia to reach a commercial arrangement for additional supplies that might be available.

“This follows the 100 million litres we were able to secure in two lots, one from Brunei, one from Korea, in the last 24 hours.

“Our job is not to pretend that we are immune from the impacts that are there (from the US-Iran war), our job is to restrict the impact that this will have.”

While Australia battles fuel shortages, Europe has “maybe six weeks or so (of) jet fuel left”, the head of the International Energy Agency says, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.

IEA executive director Fatih Birol painted a sobering picture of the global repercussions of what he called “the largest energy crisis we have ever faced”, stemming from the pinch-off of oil, gas and other vital supplies through the Strait of Hormuz.

“In the past there was a group called Dire Straits. It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” he told Associated Press.

The impact would be “higher petrol prices, higher gas prices, high electricity prices”, Birol told AP.

US President Donald Trump says that he will host Israel’s Prime Minister and Lebanon’s President after the two nations agreed to a historic 10-day ceasefire.

“I just had excellent conversations with the Highly Respected President Joseph Aoun, of Lebanon, and Prime Minister Bibi Netanyahu, of Israel. These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M. EST,” Mr Trump first announced on Truth Social.

“On Tuesday, the two Countries met for the first time in 34 years here in Washington, D.C., with our Great Secretary of State, Marco Rubio.”

“I will be inviting the Prime Minister of Israel, Bibi Netanyahu, and the President of Lebanon, Joseph Aoun, to the White House for the first meaningful talks between Israel and Lebanon since 1983, a very long time ago.

“Both sides want to see PEACE, and I believe that will happen, quickly!”

US President Donald Trump has told reporters outside the White House that he is not happy with Australia due to a lack of support for his US-Iran war, despite Australia stating no assistance has been requested.

“I’m not happy with Australia because they were not there when we asked them to be there,” the US President said.

“Australia was another one, they were not there, having to do with Hormuz (Strait).

“I’m not happy with them”.

The Prime Minister, Defence Minister and chief of Australia’s armed forces have repeatedly said that Australia would assist or review a request to offer assistance if a formal request was received.

Donald Trump has announced that Israel and Lebanon have agreed to begin a temporary ceasefire as diplomatic efforts intensify to de-escalate the widening conflict in the Middle East.

In a post on Truth Social, Mr Trump said Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu “have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M. EST.”

Mr Trump said that he had “directed Vice President JD Vance and Secretary of State Rubio” to work with the countries toward achieving “a Lasting PEACE,” adding that he had invited Aoun and Netanyahu to take part in peace talks at the White House.

The US President said he envisages peace “will happen quickly” and it will be his “10th war solved”.

Lebanese Prime Minister Nawaf Salam welcomed the ceasefire in a post on X, saying it had been a key objective for Lebanon in talks this week

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Anthony Albanese has arrived at the Viva Energy Geelong oil refinery after a major fire fuelled experts with fears that Australia’s supply is set for a dire hit.

The Albanese Government is desperate to bring calm to the situation as fears grow that Australia will be forced to move to stage three of fuel shortage conditions.

Mr Albanese greeted the media at the plant before heading straight in, saying he would provide an update shortly.

Stay with us as we bring you the latest updates from his visit to the site of the oil refinery inferno in Geelong.