Connect with us

Daily News

Oil Prices Surge After Middle East Conflict as Market Supply Disrupted

Published

on

Global energy supply chains faced disruptions as oil prices soared sharply at the start of Sunday trading following U.S. and Israeli attacks on Iran and Iran’s retaliatory strikes against Israel and U.S. military bases.

Traders worry that oil supplies from Iran and other Middle Eastern regions may slow or even halt. Attacks, including those on two vessels transiting the narrow Strait of Hormuz in the Persian Gulf, have constrained these nations’ ability to export oil globally. Energy experts note that crude and gasoline prices could rise further if the attacks persist.

West Texas Intermediate (WTI) crude traded at around $72 per barrel in Sunday evening trading, up about 8% from Friday’s level of approximately $67. International benchmark Brent crude traded at around $79 per barrel, also up about 8% from Friday’s $72.87.

According to Rystad Energy, approximately 15 million barrels of crude oil (about 20% of global total) pass through the Strait of Hormuz daily, making it the world’s most critical oil chokepoint. Tankers transiting the strait carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates, and Iran.

Iran temporarily closed parts of the strait in mid-February for so-called military exercises. Should the waterway be blocked again, it could lead to reduced oil supplies and higher prices.

Against this backdrop, eight members of the Organization of the Petroleum Exporting Countries Plus (OPEC+) announced on Sunday they would increase crude production by 206,000 barrels per day in April, exceeding analysts’ expectations. The production-boosting nations include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.

Commentary:

This wave of Middle East conflict underscores the vulnerability of the oil supply chain and the global impact of war on the world energy market. Military strikes by the U.S. and Israel against Iran, followed by Iran’s retaliatory attacks on Israeli and U.S. military bases, have sharply heightened market uncertainty over crude oil supply. Indeed, both West Texas Intermediate (WTI) and Brent crude prices surged approximately 8% within days, underscoring the market’s extreme sensitivity to supply disruptions.

Although OPEC+ member countries announced production increases to partially offset supply risks, the scale of these increases remains limited and unlikely to fully alleviate market concerns in the short term. Longer-term, if the conflict persists, crude oil and gasoline prices may climb further, exerting pressure on the global economy. Inflation and production costs in energy-dependent countries will be particularly affected.

Continue Reading

Daily News

Victorian Liberal Candidate Counselled Over Volunteer Internship Program

Published

on

Victorian Liberal Party candidate for Glen Waverley, Jacky Sun, has been counselled by the party following questions over a “volunteer internship program” recruiting international students for political volunteering.

The issue arose at a Mandarin-speaking university student orientation event held in North Melbourne this Saturday. Bilingual posters were distributed promoting a “volunteer internship program” running from August to November. Tasks included door-knocking, letter-dropping and attending campaign fundraising events. Participants were also offered opportunities to meet politicians and obtain reference letters.

The posters did not identify any political party or candidate. However, a Liberal campaign poster featuring Jacky Sun was displayed on the other side of an A-frame sign holding the volunteer posters. One student said that after asking the recruiters, she was told the program was for “the opposition”, would mainly operate in Glen Waverley, and required participants to speak Mandarin.

A Liberal spokesperson did not directly answer whether the program was recruiting volunteers for Jacky Sun or the Liberal Party. The spokesperson said Sun was not present at the event and stressed that “this is not Liberal Party material”. The party also confirmed that Sun had been “counselled” over the matter, but did not explain the specific reason.

The issue also involves Jacky Sun’s wife, scientist Danzi Song. The email address listed on the English poster was associated with “Daisy Song Consulting”, while Danzi Song uses the English name Daisy Song on LinkedIn. However, the ABC could not independently confirm whether the email address belongs to her, and she did not respond to inquiries.

Commentary

The program was promoted as an “internship”, community service opportunity and a chance to receive a reference letter, while also offering access to politicians. However, the posters did not clearly identify which political party or candidate was involved. For international students with limited political experience or knowledge of Victorian politics, this could easily appear to be a general community volunteering opportunity, raising questions about transparency.

More notably, contact details associated with Jacky Sun’s wife appeared on the poster. While there is currently no evidence proving a direct connection between the two, the link itself raises questions about whether the recruitment program was connected to Jacky Sun’s campaign.

For a political candidate, questions surrounding political recruitment, transparency and electoral rules can affect public perception. With the Liberal Party confirming that Sun was counselled but providing no specific explanation, failing to clarify the questions surrounding the program could have a negative impact on his political image.

Continue Reading

Daily News

Colombia Earthquake Death Toll Rises to 250

Published

on

A powerful 7.4-magnitude earthquake struck western Colombia, with the official death toll rising to at least 250. Rescue workers worked through the night searching for survivors in collapsed buildings and rubble, racing against time during the critical rescue window. Authorities warned that the death toll could continue to rise as search and clearance operations continue.

The UN Office for the Coordination of Humanitarian Affairs initially estimated that around 5,000 homes were damaged, with dozens of buildings collapsing and hundreds of other homes sustaining varying degrees of damage, highlighting the severe impact on infrastructure and residential areas.

Rescue operations remain focused on the worst-hit areas, where emergency workers are using heavy machinery and manually clearing rubble in an effort to find survivors who may still be trapped inside buildings. As the extent of the damage in some areas remains under assessment, the full number of casualties and the scale of property losses have yet to be determined.

The international community has also begun providing emergency assistance. The United States announced US$15.5 million in aid to provide temporary shelters and food in affected areas, as well as support damage assessment efforts. The Inter-American Development Bank said it had prepared US$50 million in funding that could be made available for post-earthquake reconstruction if needed.

The local government is currently prioritising search and rescue operations, medical care and temporary accommodation. As further assessments are carried out in affected areas, authorities will gradually determine the overall extent of the destruction caused by the earthquake.

Continue Reading

Daily News

Australian Police Trial Real-Time AI Facial Recognition

Published

on

Western Australia Police have launched Australia’s first public-facing trial of real-time AI facial recognition, using cameras in Perth and Fremantle to scan pedestrians’ faces in real time and compare them against police watchlists, raising concerns over privacy and the expansion of surveillance powers.

Police began using technology company NEC’s NeoFace m40 system in June. In its first week, the system scanned more than 130,000 faces and compared them against a watchlist of around 4,000 people. The list includes people suspected of serious crimes, missing persons, and individuals police believe may pose a risk to themselves or others.

Police said the trial had delivered encouraging initial results, triggering 33 alerts and contributing to 18 arrests. Authorities said real-time facial recognition could help officers identify people of interest more quickly, improving public safety and law enforcement efficiency.

However, privacy experts and legal advocacy groups have questioned how police decide who is placed on the watchlist, how the data is stored, and the risk of misidentification, arguing that there is insufficient transparency. The choice of trial locations has also attracted scrutiny, with concerns that the technology could result in disproportionate surveillance of Indigenous communities.

Unlike “one-to-one” facial recognition, which is used simply to verify an individual’s identity, real-time “one-to-many” systems can scan and compare faces on a large scale in public places.

Continue Reading

Trending