As gas prices in the United States skyrocket, the Federal Reserve voted to hold interest rates steady on Wednesday and appeared to take a wait-and-see attitude on how the war in Iran will further impact the economy. NBC’s Brian Cheung joins TODAY to break down what Fed chair Jerome Powell addressed about oil costs and affordability concerns.
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Tehran intensifies attacks on Gulf energy facilities after Israel hits Iranian gas field
Iran has intensified its attacks on its Gulf Arab neighbours' energy infrastructure, setting Qatari liquefied natural gas facilities and a Kuwaiti oil refinery ablaze as it hit back following an Israeli attack on its main natural gas field, a major escalation in the Middle East war that has sent global fuel prices soaring.
A ship burned off the coast of the United Arab Emirates and another was damaged off of Qatar, underscoring the ever-present danger facing vessels due to Iran's stranglehold on the Strait of Hormuz.
Qatar, a key source of natural gas for world markets, said firefighters put out a blaze at a major LNG facility after it was hit by Iranian missile attacks.
READ MORE: Both sides in Iran war ratchet up attacks on energy facilities, as oil prices surge
Production had already been halted there after earlier attacks but it said the latest wave of missiles caused “sizeable fires and extensive further damage”.
Damage to the facility could delay Qatar in getting its supplies to the market even after the Iran war ends.
A drone attack on Kuwait's Mina Al-Ahmadi refinery sparked a fire but caused no injuries, the state-run KUNA news agency reported. The refinery is one of the biggest in the Middle East, with a petroleum production capacity of 730,000 barrels per day.
Authorities in Abu Dhabi said they were forced to shut down operations at its Habshan gas facility and Bab field, calling Iranian overnight attacks on the sites a “dangerous escalation”.
Gulf states condemn Iranian attacks on energy infrastructure
Missile alert sirens sounded in multiple other areas around the Gulf, and Israel warned of incoming Iranian fire.
Qatar, Saudi Arabia and the United Arab Emirates all denounced the Iranian attacks, with Saudi Arabia’s top diplomat saying assaults on the kingdom meant “what little trust there was before has completely been shattered”.
In morning trading, Brent crude oil, the international standard, was above $US110 a barrel, up more than 50 per cent since Israel and the United States started the war February 28 with strikes on Iran.
Iran strikes back after Israel hits critical gas field
The wave of Iranian attacks came after Israel hit South Pars, the world's largest gas field located offshore in the Persian Gulf and owned jointly by Iran and Qatar.
With some 80 per cent of all power generated in Iran coming from natural gas, according to the Paris-based International Energy Agency, the attack directly threatens the country's electricity supplies. Natural gas is also used to supply household heating and cooking across the Islamic Republic.
Hitting the gas field is a “clear expansion of the conflict”, the New York-based Soufan Centre said in a research note.
READ MORE: Australia and dozens of others condemn Iran over attacks on neighbours, critical shipping closure
“Israel’s target selection in this war has heavily focused on the institutions, leaders and infrastructure …" the think tank said. "It now seeks to inflict additional pressure on the regime by making the living conditions for civilians intolerable.”
Iran condemned the strike on South Pars, with Iranian President Masoud Pezeshkian warning of “uncontrollable consequences" that "could engulf the entire world”.
In Washington, US President Donald Trump said that Israel would not attack South Pars again, but warned on social media that if Iran continued striking Qatar’s energy infrastructure, the US would retaliate and “massively blow up the entirety” of the field.
“I do not want to authorize this level of violence and destruction because of the long term implications that it will have on the future of Iran,” Trump said on social media.
Energy infrastructure targeted around Gulf region
Qatar Energy said on X that a missile hit on its massive Ras Laffan LNG facility caused the blaze early Thursday.
A ship was also hit off the country's coast, according to the British military’s United Kingdom Maritime Trade Operations center.
It was not clear whether it was deliberately targeted of was struck by falling debris as Qatar fired off missile interceptors at incoming Iranian barrages.
Saudi Arabia also reported downing Iranian drones targeting its natural gas facilities overnight, and authorities in Abu Dhabi shut down the Habshan gas facility and Bab field after interceptions over the sites.
Another ship was set ablaze early Thursday off the UAE coast. It was also unclear whether it was targeted or hit with debris, the UKMTO said.
It said the vessel was just off the coast of Khor Fakkan, near the mouth of the Strait of Hormuz, through which a fifth of the world's oil is normally shipped.
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More than 20 vessels have been attacked during the Iran war so far as Tehran has kept a tight grip on shipping traffic through the waterway, which leads from the Persian Gulf to the open ocean.
Iran insists the waterway is open, just not to the US or its allies, and while some vessels have sailed through, it has only been a trickle.
Iran executes three men detained during January protests
Iran announced the execution of three men detained in January’s nationwide protests, the first such sentences known to have been carried out, the judiciary's Mizan news agency reported.
The men were accused of stabbing two police officers to death in Qom, some 130 kilometres south of the capital, Tehran, during the protests.
Iran put down the demonstrations with intense violence that killed thousands of people and saw tens of thousands others detained, and activists have warned that authorities might carry out mass executions of those detained.
Iran long has been accused by rights campaigners of extracting coerced confessions from detainees and not allowing them to fully defend themselves in court.
Death toll climbs in third week of war
More than 1300 people in Iran have been killed during the war. Israeli strikes have displaced more than 1 million Lebanese — about 20 per cent of the population — according to the Lebanese government, which says 968 people have been killed.
In Israel, 15 people have been killed by Iranian missile fire, including a Thai agricultural worker who died overnight after getting hit with shrapnel. Three people were also killed in the occupied West Bank overnight by an Iranian missile strike, the Palestinian Red Crescent said.
At least 13 US military members have been killed.
Millions of households could save hundreds on power bills from July
Millions of Australians could save hundreds of dollars on their power bills after the national energy regulator proposed cuts to electricity prices for large parts of the country.
The Australian Energy Regulator (AER) has proposed changes to its default market offer, which sets the maximum price that retailers can charge for electricity in NSW, Queensland and South Australia.
In relieving news for households being smashed by rising interest rates and cost-of-living stresses, residential properties could see their power bills fall by up to 10.1 per cent in some regions.
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Businesses are in line to save even more, with power prices for small businesses in NSW potentially falling by more than $1300 under legislation set to come into effect at the start of the next financial year.
The AER stresseD the amount of money wiped from electricity prices would depend on location, but said millions of Aussies would still benefit from much-needed financial relief.
Under the proposed changes, residential power bills in NSW would fall by between 2.4 per cent to 8.2 per cent, which would lead to savings of up to $226 per bill, with residents in south-east Queensland in line to save up to $216 per power bill, with businesses also potentially in line for their bills being reduced by 12.8 per cent, or $550.
The AER estimates residential power bills will decrease by around 1.3 per cent.
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The changes are the steepest since Russia's invasion of Ukraine in 2022, where the cost of coal and natural gas soared.
"The reductions reflect easing costs across parts of the electricity supply chain, particularly wholesale energy where we've seen falling electricity contract prices, reduced spot price volatility, and increased output from wind and battery generation," AER Chair Clare Savage said.
"Retailers have also reported lower retail operating costs, while reductions in the cost of environmental schemes have also had a positive impact on reducing prices."
The draft figures will be presented to stakeholders for consultation, with a final decision to be made in late May.
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Savage said the AER was keeping a close eye on events in the Middle East, which has led to a rocketing of the price of oil and concerns about supply.
"While Australia continues to invest in new sources of renewable energy, our electricity system remains significantly exposed to the international price of fossil fuels such as coal and gas," Savage admitted.
She said the above discounts had not taken into account the beginning of the conflict, and warned changes could be made based on what happens in the next couple of months.
"We will continue to monitor this closely before making our final determination of the Default Market Offer in May," she said.
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Ex-Olympic cyclist’s post slammed as ‘deeply offensive’ after wife’s death
A victims' rights advocate has slammed a "deeply offensive" social media post by former Olympic cyclist Rohan Dennis after he avoided jail for driving the car that killed his wife.
Dennis, 35, was handed a suspended jail term in May last year after his wife Melissa Hoskins, 32, was fatally struck by his vehicle near their home at Medindie, in Adelaide's inner north, on December 30, 2023.
Hoskins, also an Olympic cyclist, suffered serious injuries and died in Royal Adelaide Hospital.
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In a post to his Instagram last night, Dennis shared an image of his Porsche, a different car, with the caption "what an absolute weapon".
Victims' Rights Commissioner Sarah Quick said the caption was inappropriate given the circumstances.
"This is a deeply offensive comment that demonstrates a clear lack of insight into the real and lasting impact of the harm he has caused," Quick said in a statement.
"It also reflects a profound lack of respect for Melissa and her family, who continue to live with the consequences of that harm every day."
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The ex-professional cyclist went on to post a second image to his Instagram of his children with a similar caption which read: "Two absolute weapons."
Nine.com.au has contacted Dennis for comment.
Dennis pleaded guilty to committing an aggravated act likely to cause harm but he was not being held criminally responsible for his wife's death.
He was given a 17-month suspended prison term with a two-year good behaviour bond and was suspended from driving for two years.
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During sentencing submissions in the SA District Court last year, Hoskins' mother Amanda said her daughter had loved Dennis and "and I know that you would never intentionally hurt her".
"I believe this is a tragic accident. Your temper is your downfall and needs to be addressed," she said.
During his competitive career, Dennis won two world titles in the road time trial, as well as silver in the team pursuit at the 2012 Olympics and bronze in the road time trial at the Tokyo Olympics.
National Sexual Assault, Domestic Family Violence Counselling Service 1800RESPECT (1800 737 732).
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Crime rises to record levels in Victoria, placing pressure on embattled premier
Crime in Victoria has risen to its highest rate in 10 years, placing pressure on Premier Jacinta Allan as she fends off questions of a leadership challenge.
The rate of crime in the state increased by 2.4 per cent to 8885.5 offences per 100,000 people, with the number of offences rising by 4.2 per cent to 630,593 last year, data from Victoria's Crime Statistics Agency reveals.
The offences per 100,000 people is at its highest level since 2016.
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The sharp rise has been driven by an increase in theft, with a 14.2 per cent rise in people allegedly stealing, amounting to an increase of nearly 6000 people in the 12 months to December 31 last year.
The rate of crime in Melbourne rose 2.1 per cent to 17,671.9 incidents per 100,000 people, with the Latrobe and Port Phillip regions rising by 5.9 per cent each.
These rises come despite the Allan government implementing a controversial machete amnesty and ban, as well as strengthening their bail laws and criminal penalties for young offenders committing violent crimes.
The data shows 17,400 machetes were seized by police, a record number.
The data dump came the same day the embattled premier was forced to deny speculation she will face a leadership challenge, dismissing the rumours as "anonymous speculation".
With the state election coming later this year, Labor sits behind the Liberal Party in the polls and is also being trailed closely by One Nation.
Media reports have suggested a plan to oust Allan as Labor leader and Premier could be in the making.
However, Allan denied the rumours, insisting she had the support of the party room and questioning the source of the rumours.
"We are a strong team, we are a united team," she said this morning.
"This is anonymous gossip, it's from a few scallywags."
Despite this, she also sent a pointed message, saying such concerns and rumours would not help Labor's campaign.
"Now is not the time for cuts and division, now is the time to be focused," she added.
No one has officially been labelled as wanting to lead the charge of a leadership change at such a crucial moment, with Labor MPs entering parliament today and posing a united front, backing Allan's leadership.
LIVE UPDATES: Iran pledges to hit back over gas field attack
Gabrielle Williams, the Transport Minister from the left faction, and Ben Carroll, the Deputy Premier and Minister for Education from the right faction, both dismissed such speculation when quizzed by media this morning.
"It's idle gossip… I pay no attention to it," Williams said at a press conference this morning.
Carroll was stopped in the halls of Parliament House, where he delivered a similar response.
"No, I want to be the education minister," he replied when asked if he wanted to be Premier.
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Urgent health warning after outbreak of severe respiratory disease in Melbourne
Victoria's Chief Health Officer (CHO) has issued an urgent health warning following an outbreak of Legionnaires' disease in Melbourne's northern suburbs.
Six cases of the severe respiratory disease have been recorded in Craigieburn and surrounding northern suburbs since early March.
The patients have received treatment in hospital.
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Victorian CHO Dr Caroline McElnay is warning people who work, live in or have visited Craigieburn, Mickleham, Greenvale and Roxburgh Park from late February, and develop flu-like symptoms, to seek urgent medical care.
Symptoms of Legionnaire's disease include typical flu symptoms like headaches, chills, muscle aches and pains and cough, which can progress to atypical pneumonia.
Other symptoms may include confusion, diarrhoea and kidney impairment.
Health professionals are advised to be alert to the possibility of Legionnaires' disease in patients, including people who may have travelled along the Hume Highway and stopped for food or petrol in the area.
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Authorities are investigating the source of the outbreak, testing local cooling towers and other potential sources.
Legionnaires' disease is a lung infection caused by Legionella bacteria, which are widespread in the environment.
They are found in natural bodies of water such as rivers, lakes, creeks and hot springs, as well as spas, warm water systems and artificial systems that use water for cooling, heating or industrial processes, such as cooling towers, as well as potting mix.
The disease is spread by breathing in fine droplets of water that contain the bacteria, but cannot be spread from person-to-person or by drinking contaminated water.
Legionnaires' can be treated with antibiotics, but it can be deadly if symptoms aren't treated promptly.
Over 65s, smokers, excess alcohol drinkers and people with underlying health conditions at greater risk of infection.
Victoria's last major outbreak of Legionnaires' disease was linked to a cooling tower in Laverton North in late July of 2024.
The outbreak led to more than 100 confirmed cases and two deaths.
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Sydney musician faces possible life behind bars for alleged involvement in $5.5m drug ring
A Sydney rock frontman is facing possible life behind bars if convicted over his alleged role in what police claim is a $5.5 million international drug ring.
Police have charged eight people, including the musician Azaria Byrne, who is accused of running an international drug ring out of a music studio in Sydney's inner west.
Detectives said they identified a group that they allege is responsible for the coordination, manufacture and supply of illegal drugs, including ketamine, cocaine, MDMA, and LSD.
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Police searched eight properties yesterday in Potts Point, Earlwood, Dulwich Hill, Leichhardt, Marrickville and Balmain.
The first search took place at a Potts Point home about 6.40am and saw a 33-year-old man arrested after police allegedly found and seized illegal drugs and more than $37,000 in cash.
He was taken to Surry Hills Police Station and charged with multiple offences, including 17 counts of supplying a large commercial quantity of an illegal drug.
Shortly after, police executed a search warrant at a Leichhardt music studio.
They allegedly discovered about 25 kilograms of ketamine, more than 17 kilograms of cannabis, 2.5 kilograms of cocaine, 3.5 kilograms of MDMA, 5.6 kilograms of diazepam, and more than 500 grams of psilocybin.
About 70 grams of methamphetamine, more than 18,000 tablets believed to contain LSD, and $200,000 cash were also seized.
READ MORE: Aussie market battered, oil prices surge as Iran and Israel attack major gas hub
Police later conducted raids at multiple properties across Earlwood, Dulwich Hill and Marrickville, seizing more drugs and cash.
Superintendent Gretchen Atkins called the operation an "excellent investigation".
"Tonight, there are less drugs on the streets of Sydney."
Byrne, who fronts the rock group The Art, and his fiancee Brooke Mitchell were both denied bail and appeared in court today.
The six other people involved in the alleged drug ring were charged with offences relating to the supply of illegal drugs and dealing with the proceeds of crime.
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Middle East conflict live updates: Israel says it has killed Iran’s Intelligence Minister
The prices soared after Iran struck Qatar’s largest gas facility.
Tennis player’s near miss after retrieving ball from Wellington train tracks could have been ‘catastrophic’
A witness said his heart was in his mouth watching the incident unfold.
What can the Government really do to shield us from this oil shock? – Jenée Tibshraeny
ANALYSIS: Securing supply is the first line of defence.