Fire Rescue Victoria said crews were called at around 11:15 p.m. local time to the Viva Energy Refinery, where the fire involved liquid fuels and gases and remained uncontrolled as of early Thursday.“All emergency response personnel and Viva employees have been accounted for,” the agency said in a statement, adding there were no reported casualties.

Authorities urged residents in Geelong and surrounding areas to remain indoors and close windows and doors as smoke spread across the region due to shifting winds.The refinery, operated by Viva Energy Group, is one of only two remaining oil refineries in Australia and can process up to 120,000 barrels of crude oil per day.

It supplies more than half of fuel demand in Victoria state and about 10% of Australia’s total fuel consumption.Fire officials said the blaze was contained to the plant, while the company indicated there was no immediate disruption to fuel supplies.

Australia’s Energy Minister Chris Bowen said an investigation would be launched, describing the incident as likely accidental at this stage. He added that while diesel and jet fuel production continued, petrol output could be affected for some time.

The incident comes as Australia faces heightened fuel security concerns linked to disruptions in global energy markets, particularly following tensions affecting the Strait of Hormuz, a critical route for international oil shipments.

Prime Minister Anthony Albanese said last month the government would temporarily cut fuel excise and road user charges to offset rising costs driven by the conflict.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.9%, marking a third straight day of gains, while Japan’s Nikkei 225 surged 2.2% to a fresh peak. U.S. equity futures also pointed higher, with S&P 500 e-mini contracts up 0.2%.

The gains followed a strong session on Wall Street, where the S&P 500 rose 0.8% and the Nasdaq Composite advanced 1.6%, supported by robust earnings from Bank of America and Morgan Stanley. With roughly 6% of companies having reported results so far, about 84% have exceeded analysts’ expectations.

Analysts at Goldman Sachs said they remained constructive on emerging market equities, citing expectations of solid profit growth driven in part by demand linked to artificial intelligence, which they said could remain relatively insulated from energy market shocks.

Attention in Asia is also turning to earnings from Taiwan Semiconductor Manufacturing Co, a key supplier in the global semiconductor industry, with forecasts pointing to a sharp rise in quarterly profit on strong demand for advanced chips.

In currency markets, the U.S. dollar index was little changed at 98.02, as easing geopolitical tensions tempered safe-haven demand and investors adjusted expectations for monetary policy easing by the Federal Reserve. The euro hovered near its highest level since the Iran conflict began, extending a multi-day rally.

Oil prices edged higher, with Brent crude rising 0.3% to $95.23 per barrel, after indications that Iran could allow safer maritime passage through the Strait of Hormuz as part of ongoing negotiations with the United States. Supply concerns were also heightened by a refinery fire in Australia.

Chinese equities gained after data showed the economy expanded 5.0% year-on-year in the first quarter, exceeding expectations and suggesting resilience despite geopolitical headwinds. Analysts cautioned, however, that prolonged conflict could weigh on global demand and exports.

Australian markets were more subdued, with shares slightly lower and the currency steady after employment data showed stable labor market conditions, reinforcing expectations that inflation risks remain a key concern for policymakers at the Reserve Bank of Australia.

Gold rose 0.6% as investors balanced improving risk sentiment with lingering uncertainty, while major cryptocurrencies edged lower in cautious trading.

The announcement came a day after talks in Pakistan ended without agreement, underscoring persistent divisions over terms to end a conflict launched on Feb. 28 by the United States and Israel. The blockade is aimed at pressuring Iran to reopen the Strait of Hormuz and accept a broader settlement addressing its nuclear and missile programs, as well as its regional activities.

Trump indicated that diplomatic channels remain open, saying Iran had reached out to explore a possible resolution. “We’ve been called by the right people … and they want to work a deal,” he told reporters outside the White House.Iran signaled conditional openness to negotiations.

Judiciary chief Gholam Hossein Mohseni Ejei said discussions must proceed on the basis of “principles and logic,” while other officials warned that Tehran would respond if the situation escalates.The blockade drew sharp reactions from Iran, which threatened countermeasures targeting ports across the Arabian Gulf and Gulf of Oman, raising the risk that the two-week ceasefire declared earlier could collapse before its April 22 expiry.

At the core of the dispute remain differences over Iran’s nuclear program and control of the Strait of Hormuz, a critical global energy corridor through which roughly one-fifth of the world’s oil supply typically passes. Its closure has already disrupted markets and driven up oil prices.

U.S. Vice President JD Vance, who led the American delegation in the recent talks, said Iran had not provided assurances it would refrain from pursuing nuclear weapons capability. Tehran has long denied such intentions while defending its right to civilian nuclear development, including uranium enrichment.

Iran’s negotiating position, articulated by Parliament Speaker Mohammad Bagher Qalibaf, emphasized sovereignty over the strait, an end to hostilities, and compensation for wartime damage.

Iranian officials also dismissed the blockade as exaggerated, with parliamentary spokesperson Ebrahim Rezaei describing it as “more bluffing than reality.”Pakistan has indicated it may facilitate further dialogue, with Foreign Minister Ishaq Dar expressing willingness to host another round of talks, though no timeline has been confirmed.

Both sides have maintained firm public positions, with Trump warning that any Iranian attempt to challenge the blockade would be met with force, while Iranian foreign ministry spokesperson Esmaeil Baqaei said the measure risked further destabilizing the global economy.

IEA Executive Director Fatih Birol said that while March deliveries largely reflected cargoes loaded before the crisis escalated, the situation has shifted significantly. “During the month of April, nothing has been loaded,” he told reporters following meetings at the International Monetary Fund, adding that prolonged disruption would intensify market pressures.

Birol said the agency is tracking damage to energy infrastructure across the region, noting that more than a third of over 80 affected facilities have sustained severe damage. He described the situation as a major energy security challenge with global implications, warning that no country would be insulated from the fallout.

IMF Managing Director Kristalina Georgieva said there is an urgent need to assess the scale of economic impact stemming from infrastructure losses tied to the conflict.World Bank President Ajay Banga said the institution is preparing for multiple scenarios depending on the duration and intensity of hostilities, including expanded financial support.

The IMF has indicated it can make up to $50 billion available, while the World Bank has outlined potential financing of up to $25 billion, with the possibility of increasing total support to $60 billion over six months if conditions worsen.

The conflict, triggered by U.S.-Israeli strikes on Iran beginning February 28, has disrupted flows through the Strait of Hormuz, a critical artery for global oil shipments. Iran’s actions to impede maritime traffic, followed by a U.S. naval blockade, have heightened concerns over supply constraints and price volatility.

Although a two-week ceasefire was agreed last week to enable negotiations, talks in Islamabad failed to produce a breakthrough, raising uncertainty over whether the truce will hold.

International mediators, including Pakistan and Qatar, have urged both sides to maintain the ceasefire, while UN Secretary-General Antonio Guterres called for the restoration of freedom of navigation in the region.

The discussions, held days after a Pakistan-brokered ceasefire, marked the first direct engagement between senior U.S. and Iranian officials since Iran’s 1979 Islamic Revolution. Delegations led by U.S. Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf met over more than 20 hours at Islamabad’s Serena Hotel, with Pakistani mediators shuttling between the sides.

Despite moments when negotiators appeared close to a framework agreement, talks ultimately stalled over key issues including Iran’s nuclear program, control of the Strait of Hormuz, and access to frozen assets, according to 11 sources familiar with the discussions.

A U.S. official said Washington’s core objective remained ensuring Iran does not obtain a nuclear weapon, while Iranian officials emphasized sovereignty concerns, sanctions relief, and broader security guarantees.

Iran has consistently denied seeking nuclear weapons but maintains its right to uranium enrichment.Sources described a tense and shifting atmosphere, with periods of optimism giving way to deadlock. At one stage, the sides were “80 percent” toward an understanding before unresolved political decisions derailed progress, one source said.

Pakistan played a central mediating role, with Prime Minister Shehbaz Sharif confirming that efforts to bridge differences are ongoing. Officials said communication between Tehran and Washington continues through intermediaries, even after the formal talks ended.

U.S. President Donald Trump said on Monday that Iran had reached out seeking a deal, though this could not be independently verified. A White House spokesperson reiterated that Washington’s position remains unchanged, particularly its demand that Iran abandon any pathway to nuclear weapons.

Iranian officials signaled deep mistrust, citing past negotiations and subsequent military actions, while also indicating willingness to continue discussions under defined conditions.The Strait of Hormuz remains a central point of contention, with Iran asserting control over the waterway and the United States insisting on restoring unrestricted navigation.

The dispute has had significant implications for global energy markets, contributing to volatility and supply concerns.Mediators, including Pakistani officials and regional diplomats, have continued backchannel communications in an effort to revive talks.

Both sides face mounting pressure to de-escalate, with economic costs rising and broader geopolitical risks intensifying.

Speaking in an interview with Fox News on Monday, Vance said the United States had clearly defined its “red lines” during negotiations held over the weekend in Pakistan, where he led a U.S. delegation in discussions with Iranian officials.“I really think the ball is in the Iranian court, because we put a lot on the table,” Vance said, adding that the U.S. position leaves no room for flexibility on key issues.

He identified two core demands: U.S. control over Iran’s enriched uranium stockpile and the establishment of a robust verification mechanism to ensure Tehran does not develop nuclear weapons capability. “It’s one thing for the Iranians to say that they’re not going to have a nuclear weapon.

It’s another thing for us to put in place the mechanism to ensure that’s not going to happen,” he said.The talks in Islamabad marked the highest-level engagement between the two sides in years but ended without an agreement to halt the more than five-week conflict involving U.S. and Israeli forces against Iran.

Vance said that, as part of a two-week ceasefire agreed last week, Washington also expects Iran to fully reopen the Strait of Hormuz, a critical global shipping route that has been effectively closed by Iranian forces.

Despite the lack of a deal, both sides have indicated a willingness to continue discussions, with diplomatic efforts ongoing through intermediaries to prevent further escalation.

In a telephone conversation, Merz also voiced “grave concern” over developments in the Palestinian territories and stressed that there must be no “de facto partial annexation” of the West Bank, according to a government spokesperson.

The call comes amid escalating tensions following the conflict launched on February 28 by Israel and the United States against Iran, which has increasingly threatened to expand into a broader regional war. German officials said Merz reiterated Berlin’s support for diplomatic efforts aimed at securing an understanding between Washington and Tehran.

Merz, who had initially backed the U.S.-Israeli military action, has shifted his stance as economic risks and security concerns intensify, including Iranian retaliatory strikes and disruptions to global energy flows.

He also indicated that Germany could contribute to ensuring maritime security in the Strait of Hormuz, a key global oil transit route, but only after hostilities cease and necessary conditions are in place.Shipping through the strait, which previously accounted for roughly one-fifth of global oil supplies, has been significantly disrupted amid Iranian threats targeting commercial vessels.

The situation has been further complicated by a partial naval blockade declared by U.S. President Donald Trump following stalled negotiations with Iran.

The announcement came a day after talks in Pakistan ended without agreement, underscoring persistent divisions over terms to end a conflict launched on Feb. 28 by the United States and Israel. The blockade is aimed at pressuring Iran to reopen the Strait of Hormuz and accept a broader settlement addressing its nuclear and missile programs, as well as its regional activities.

Trump indicated that diplomatic channels remain open, saying Iran had reached out to explore a possible resolution. “We’ve been called by the right people and they want to work a deal,” he told reporters outside the White House.

Iran signaled conditional openness to negotiations. Judiciary chief Gholam Hossein Mohseni Ejei said discussions must proceed on the basis of “principles and logic,” while other officials warned that Tehran would respond if the situation escalates.

The blockade drew sharp reactions from Iran, which threatened countermeasures targeting ports across the Arabian Gulf and Gulf of Oman, raising the risk that the two-week ceasefire declared earlier could collapse before its April 22 expiry.

At the core of the dispute remain differences over Iran’s nuclear program and control of the Strait of Hormuz, a critical global energy corridor through which roughly one-fifth of the world’s oil supply typically passes. Its closure has already disrupted markets and driven up oil prices.

U.S. Vice President JD Vance, who led the American delegation in the recent talks, said Iran had not provided assurances it would refrain from pursuing nuclear weapons capability. Tehran has long denied such intentions while defending its right to civilian nuclear development, including uranium enrichment.

Iran’s negotiating position, articulated by Parliament Speaker Mohammad Bagher Qalibaf, emphasized sovereignty over the strait, an end to hostilities, and compensation for wartime damage.

Iranian officials also dismissed the blockade as exaggerated, with parliamentary spokesperson Ebrahim Rezaei describing it as “more bluffing than reality.”
Pakistan has indicated it may facilitate further dialogue, with Foreign Minister Ishaq Dar expressing willingness to host another round of talks, though no timeline has been confirmed.

Both sides have maintained firm public positions, with Trump warning that any Iranian attempt to challenge the blockade would be met with force, while Iranian foreign ministry spokesperson Esmaeil Baqaei said the measure risked further destabilizing the global economy.

Donald Trump said on Sunday that U.S. forces would start blockading maritime traffic to Iranian ports, escalating tensions after negotiations failed to produce an agreement to end the conflict, putting a fragile two-week ceasefire at risk.

US Central Command said the blockade would take effect at 10 a.m. ET (1400 GMT) and would apply to all vessels entering or leaving Iranian ports across the Arabian Gulf and the Gulf of Oman. It added that freedom of navigation through Hormuz to non-Iranian destinations would not be impeded.

Shipping data showed several vessels adjusting routes in response. The Malta-flagged very large crude carrier Agios Fanourios I reversed course after attempting to enter the Gulf and is now anchored near the Gulf of Oman.

Other tankers, including the Pakistan-flagged Shalamar and Khairpur, continued operations, heading toward the United Arab Emirates and Kuwait respectively to load cargo.

The Liberia-flagged VLCC Mombasa B also transited the strait earlier on Sunday and is currently ballasting in the Gulf, according to vessel tracking data.Iran’s Islamic Revolutionary Guard Corps warned that any military vessels approaching the strait would be considered a violation of the ceasefire and would face a “decisive” response.

Despite rising tensions, shipping data showed that three fully laden supertankers passed through the strait on Saturday, appearing to be among the first vessels to exit the Gulf since the ceasefire agreement was reached last week.

Araqchi said negotiations in Islamabad had been conducted in good faith but were undermined by what he described as “maximalism” and shifting U.S. demands, adding that the talks came close to producing an agreement before breaking down.

The remarks followed an announcement by Donald Trump that U.S. naval forces would begin blockading vessels entering or leaving Iranian ports, a move that risks destabilizing a fragile ceasefire reached after weeks of conflict.

US Central Command said the blockade would take effect at 10 a.m. ET (1400 GMT) and would apply to all maritime traffic linked to Iranian ports across the Arabian Gulf and Gulf of Oman, while maintaining freedom of navigation through the Strait of Hormuz for vessels not bound for Iran.

Trump said the United States would act against ships paying what he described as “illegal tolls” to Iran and warned that any attack on U.S. or commercial vessels would trigger a strong military response.

Iran’s Islamic Revolutionary Guard Corps said any approach by foreign military vessels to the strait would be treated as a violation of the ceasefire and met with a “decisive” response.

Parliamentary Speaker Mohammad Baqer Qalibaf dismissed the U.S. position, saying Tehran would respond in kind. “If you fight, we will fight, and if you come forward with logic, we will deal with logic,” he said, according to state media.

The talks in Islamabad marked the first direct engagement between the United States and Iran in more than a decade and followed a ceasefire announced earlier in the week after six weeks of conflict that has disrupted global energy markets and pushed oil prices above $100 per barrel.

JD Vance, who led the U.S. delegation, said no agreement had been reached, while signaling that diplomacy could continue. Trump also described the talks as “very friendly” and expressed confidence that Iran might return to negotiations.

A U.S. official said key sticking points included demands for Iran to halt uranium enrichment, dismantle enrichment facilities, transfer highly enriched material and end support for regional groups, alongside ensuring open access to the strait.

Iranian officials, including President Masoud Pezeshkian, said Tehran remained open to a “balanced and fair agreement,” blaming Washington for the breakdown and urging a return to international legal frameworks.

Shipping data showed that three fully laden supertankers transited the strait on Saturday, suggesting that maritime flows had not yet been fully disrupted despite the looming blockade.