The US reinstated a naval blockade on Iran and carried out airstrikes for a fourth consecutive night, raising concerns over shipping security through the Strait of Hormuz. Brent crude futures jumped more than 10% on the day and climbed as high as $US85.72 a barrel intraday. The move was treated as a tangible supply shock rather than routine geopolitical noise, triggering an immediate repricing across energy markets.

About 400 workers at BHP’s Port Hedland operations in Australia are set to hold an eight-hour strike next Thursday, marking Western Australia’s biggest mining-sector industrial action in 25 years. The stoppage follows a breakdown in wage and working-conditions talks. The dispute could put about $120 million a day of BHP revenue and $6.85m in royalty payments to the Western Australian government at risk. Port Hedland, the world’s largest iron ore export facility, is seen as a key link in the iron ore supply chain.

Australia’s federal budget on May 12 set out plans to scrap negative gearing for existing residential properties bought after budget night from July 1, 2025, and to link the capital gains tax discount to inflation rather than holding period from July 2027. Melbourne’s auction clearance rate fell to 50.2% last weekend, its lowest level in five years and notably below the level seen during the COVID lockdown period. Property specialists said investors were accelerating their exit, prompting more withdrawn listings and adding pressure on renters. They said the shift has rattled confidence across the market.

A group of international shareholders has urged Australia’s federal government and the governments of South Australia and Tasmania not to provide additional subsidies to Trafigura, which owns Nyrstar. The shareholders point to a Belgian criminal investigation involving Nyrstar NV that includes allegations of forgery, false annual accounts and misuse of corporate assets. Nyrstar’s Australian operations are losing $15 million per month, and Trafigura has warned it could shut the Port Pirie and Hobart smelters unless more funding is provided. Governments have already provided $240 million in public funding, but the shareholders say the legal risks remain, according to ABC News.

Ampol chief executive Matthew Halliday said the conflict involving Iran has exposed how vulnerable global fuel supply chains are, underscoring the strategic value of Australia’s two remaining refineries, Ampol’s Lytton and Viva Energy’s Geelong. He said the pair together supply about 20% of Australia’s fuel needs, and the federal government has extended fuel security subsidies through 2030. Halliday said oil exports through the Strait of Hormuz are beginning to recover, but renewed kinetic activity has left conditions fragile. The report said it did not identify any confirmed supply outages or an immediate spike in oil prices, and cited no new data or policy moves from bodies such as OPEC or the IEA.