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President Trump has claimed Iran agreed to never obtain nuclear weapons while postponing strikes on power plants, though thousands of US troops remain deployed amid a looming Strait of Hormuz deadline.
Iran has launched a major missile offensive against Israel and Gulf states, leading to retaliatory strikes on Tehran and Beirut. With oil prices crossing $100 and Australia forming a fuel taskforce, this summary covers the latest military and economic impacts.
Australia faces a critical fuel shortage in March 2026 as hundreds of service stations run dry and prices reach record highs, prompting the government to lower diesel standards and appoint a national fuel coordinator.
The US is reportedly preparing to deploy thousands of soldiers to the Middle East as tensions over Iranian naval mines and the strategic Kharg Island oil hub reach a breaking point.
