Former deputy prime minister Barnaby Joyce says he regrets not doing more while in government to secure fuel reserves, as Australia grapples with supply shortages triggered by wars in the Middle East.

Fuel prices have risen sharply amid uncertainty over Iran's blockade of the Strait of Hormuz and Treasurer Jim Chalmers today flagged the flow-on impact could see inflation peak "somewhere between the mid-to-high fours" depending on the duration of the conflict.

The government released about six days' worth of petrol and five days of diesel from its emergency stockpile as part of an internationally coordinated response to the shortage, the first time it had used the reserves since Russia's invasion of Ukraine.

Iran war live updates: For the latest news on the Middle East crisis, read our blog.
Mr Joyce, who last year defected from the Nationals to One Nation, accused the government of having no plan to deal with the crisis but acknowledged the reserves were lower under the Coalition.

"I remember having the argument when they were talking about putting it [fuel reserve] in Texas, I hope I'm not disclosing cabinet, saying 'I don't think that's going to work'," he told ABC's Insiders today.

"It was trying to comply with the IEA [International Energy Agency] in a sneaky way, and it didn't work."

How are rising fuel costs or supply issues affecting you or your business?

In 2020, the Coalition government announced it would take advantage of historically low fuel prices and establish a strategic fuel reserve on American soil to meet the 90-day minimum required by international agreements.

Then energy minister Angus Taylor argued it was an "extraordinary" opportunity but Labor said situating the reserve overseas would do little to minimise concerns Australia was vulnerable to international disruptions.

"The first thing about doing something stupid is not acknowledging it and continuing to do it," Mr Joyce said on Sunday.

https://www.abc.net.au/news/2026-03-15/joyce-fuel-reserves-regrets/106456818

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Formula 1 cancels the 2026 Bahrain and Saudi Arabian Grands Prix as Iran war grounds Gulf sports. Over $100M in hosting fees lost in first wartime F1 cancellation.

March 14, 2026

JEDDAH — Formula 1 is set to cancel both the Bahrain Grand Prix and the Saudi Arabian Grand Prix in April 2026, marking the first time in the sport’s history that Middle Eastern races have been pulled from the calendar due to an active military conflict. The decision, expected to be formally confirmed by Sunday, March 16, will reduce the 2026 season from 24 to 22 races and create a five-week gap in the schedule as the Iran war enters its third week with no ceasefire in sight.

The cancellation represents a direct collision between the Gulf region’s multi-billion-dollar sports diplomacy ambitions and the security reality of a conflict that has sent Iranian drones over Saudi cities, shut down the Strait of Hormuz to commercial shipping, and forced the United States to order non-emergency embassy staff out of the Kingdom. For Saudi Arabia, which pays $55 million per year to host its Grand Prix in Jeddah and has invested more than $6 billion in its sports industry since 2021, the blow extends far beyond motorsport.

https://houseofsaud.com/f1-cancels-saudi-arabian-bahrain-grand-prix-iran-war-2026/