Australia news live: escalating Middle East conflict will see prices rise again, Chris Bowen says

We’ll be hearing from federal politicians later this morning but before we do, a quick update on one of the big challenges to the global economy: fuel security.

Conflict in the Middle East is again placing pressure on the supply of crucial oil exports. On Friday, Saudi authorities said drones launched from Iraq led to a temporary closure of a crucial oil export route used to bypass the lockdown of the strait of Hormuz .

Nearly 50,000 people have also fled a sudden advance by Houthi forces in western Yemen , with entire villages emptied and families trapped near frontline fighting with depleting food supplies, according to aid workers.

On Saturday, the energy minister, Chris Bowen , sought to reassure Australians about the nation’s supply reserves. He said Australia had 41 days worth of petrol in strategic reserve and 42 days worth of diesel:

The situation is getting worse in the Middle East. The dispute involving Saudi Arabia and the Houthis and the ongoing war in Iran is doing nothing to improve the fuel supply around the world and is pushing up prices of oil.

We’re seeing that in the markets even overnight, and that will inevitably also flow through to Australia. However, the Australian government will remain firmly focused on ensuring our fuel security, just as we have for the last more than six months since this crisis began.