Australian shares experienced a volatile trading session, initially declining before trimming losses near midday AEDT. This occurred amid ongoing global uncertainty, including tensions surrounding Iran and disruptions to international gas supplies. US futures rose, providing some support to the local market. BlueScope announced plans to sell excess land, while Suncorp’s boss is temporarily stepping back from duties.
Prime Minister Anthony Albanese reassured the public that Australia’s fuel supply remains secure, despite global concerns. He noted that six tankers of jet fuel are en route to the country and that direct talks with Malaysia for supply are ongoing. These announcements followed reports that Iran has denied asking the US to extend the deadline regarding the Strait of Hormuz.
The energy sector is facing additional pressures due to Cyclone Narelle, which has forced shutdowns of LNG operations in Western Australia. This has exacerbated a global gas crunch, with approximately 30 per cent of international supply being affected by disruptions, including suspensions of exports from Qatar. NextDC, a $7.8 billion data centre company, put a $500 million bond deal into a “deep freezer” after disappointing pricing feedback, causing its shares to fall 3 per cent this morning.
