Afternoon Report | Oil release

0:00Welcome to the fear-ingred business news afternoon report for Friday the 13th of March, 2026, I'm Sean Elmer. Every afternoon we've got the five stories that happen to say that you need to know about. Story number one, the Australian Chair market fell towards lowest weekly clothes since last year as the escalating conflict between the US, Israel and Iran sent oil prices beyond 100 US dollars of barrel and lifted expectations of a reserve bank rate hike on Tuesday. The S&P ASX200 index lost 2.6% for the week after falling slightly today to 8,617 points. BHP got hit hard after China widened the band and it's iron ore for the second time in two weeks, goldmine and northern star tumbled 19%. After it said hitting the bottom, it said it would hit the bottom end of its 2025-2026 production guidance. Meanwhile, the Albanese government will release 20% of Australia's stock of diesel and petrol reserves

1:00to help meet localized shortages. Climate change and energy minister Chris Bowen said the government would lower the minimum stock obligation for diesel from 2.7 billion litres to 2.2 billion litres. Basically that means the government's releasing about sig or allowing the petrol companies to release about 6 days worth of supply. Story number 2. Quantice has reached a $105 million settlement in class action. Overflight credits issued during COVID is subject to approval by the federal court. The case began in August 2023 and related to flight schedule between 1 January 2020 in 1 November 2022 that were cancelled. The lawsuit alleged the airline breached contractual obligations on refunds. Quantice made no admission of liability as part of the settlement. The carrier removed expiry dates on COVID year-out flight credits in August 2023, allowing customers to request cash refunds indefinitely. Story number 3. I know shipments are being disrupted by the worst in conflict in the Middle East.

2:02Some cargoes were diverted mid voyage to Asia as a war made passing the strait of Hamuz. Difficult benchmark I know futures then surged more than 4% towards 110 US dollars a ton. Elevated freight and bunker rates because of the war have also raised the cost of shipments. Now that should help the local producers BHP Rio Tinto and Forescue Metals if China buys your that's not happening for BHP. They Rio Tinto for Forescue Metals share price was up 4% today. Story number 4. A report in the fin review said that Treasurer Jim Tamers is preparing for the May federal budget to forecast inflation to be in the high 4% range on the back of higher oil prices that list the prospect of an interest rate rise next week up. It's higher than the 3.8% or the forecast is higher than the 3.8% inflation rate. The Australian Bureau statistics recorded for the year to January will above the reserve banks target range for inflation of 2% to 3%. All four major banks now expect the central bank to raise interest rates next week and then again

3:06in May the updated inflation forecast is usually included in the May 12 federal budget. And Story number 5. President Donald Trump and Iran's new supreme leader both struck defiant tones today offering little relief to energy markets despite fresh US efforts to curb oil prices. The US President sent in a social media post that preventing Iran from having nuclear weapons and threatening the Middle East is of far greater interest than importance to me than the cost of oil. He later went on to say that the US is, I quote, totally destroying the terrorist regime of Iran. And quote, calling for people to quote again, watch what happens to those deranged scumbags today. And quote, Mosh Taba Hameini, the head of Iran, said the Islamic Republic would seek to ensure the state of Hamil's remains effectively closed in his first public comments since succeeding his father. He added that Tehran will look to open other fronts in the war if the US and Israel

4:07persist with their attacks. That's it for the afternoon report for Friday the 13th of March, 2026. Make sure you're following the podcast and head along to fearandgreet.com today you to sign up for our free daily newsletter. I'm Shona Elma. Enjoy your evening.