AS IT HAPPENED: Australia leaning on neighbours to shore up fuel supply; Tehran places $87,000 bounty on capture of missing US crew member; Trump asks for $2.1 trillion for defence budget

Thank you for joining our rolling coverage of the ongoing conflict in the Middle East and the impact in Australia.

For more of the latest news from around the world, head to 9news.com.au.

Authorities in Dubai said the facades of two buildings were damaged by debris from intercepted drones, including one belonging to US tech firm Oracle. No injuries were reported.

Iran's Revolutionary Guard has threatened to attack Oracle and 17 other US companies after accusing them of being involved in "terrorist espionage" operations in Iran.

Previous Iranian drone strikes caused damage to three Amazon Web Services facilities in the United Arab Emirates and Bahrain.

The desperate search to find the missing US special forces crew member is ramping up - on both sides of the conflict.

The US is racing the clock to find the survivor of the F-15 fighter jet shot down in Iranian airspace, but Tehran is taking it to the next level.

Iranian officials have placed a $US60,000 ($87,000) bounty on the crew member's capture, which would be an incredible coup for the country in its negotiations with the Americans.

Trump has so far declined to comment on potential retaliation if the missing airman was harmed.

Speaking to The Independent, he said: "We hope that's not going to happen".

Australia's emergency fuel stock levels remain stable at 39 days of petrol, 30 days of jet fuel and 29 days of diesel, which is one day down on last week's figure.

And with no clear signal an end to the conflict in Iran is close, our leaders are working the phones to keep our stocks full.

Energy Minister Chris Bowen said the amount of fuel entering the country and getting to where it was needed was improving.

He added that the prime minister was leaning on suppliers closer to home, including a push to strengthen ties with Singapore which needs our gas.

"Fuel is going out the door to service stations and farmers, and fuel is coming in the door at Australia's import terminals," Bowen said.

"Anthony Albanese, Penny Wong and myself have been in constant contact with our counterparts around the region, sharing notes about the crisis, sharing notes about helping each other through, getting assurances from other countries that they will be reliable energy suppliers just as we are reliable energy suppliers to them."

As world leaders scramble to secure the Strait of Hormuz, Iranian officials have identified their next target that could further destabilise the global economy.

We posted earlier about a cryptic message sent by Iranian parliament speaker Mohammad Bagher Ghalibaf, who made a veiled threat against the Bab el-Mandeb Strait between Yemen on the Arabian Peninsula and the Horn of Africa.

The Bab el-Mandeb is the southern access to the Red Sea and the Suez Canal, which gives access to the Mediterranean Sea.

"What share of global oil, LNG, wheat, rice, and fertilizer shipments transits the Bab-el-Mandeb Strait?

"Which countries and companies account for the highest transit volumes through the strait?" Ghalibaf said in a post on X.

Here's why it could be a big problem.

Iran's Houthi proxy in Yemen sits on the shores of the Bab el-Mandeb and in November 2023 began attacking ships in the Red Sea to show solidarity with Palestinians in Gaza against Israel.

The attacks caused a large reduction in ship traffic through the Red Sea – by more than 50 per cent, according to some estimates – and companies saw costs and shipping times spike as vessels were rerouted around the Cape of Good Hope at the southern tip of Africa.

According to the World Economic Forum, 12 per cent of total global trade and 30 per cent of the world's container traffic transits the Suez Canal.

Around 6 per cent of the world's seaborne-traded oil transits the Bab el-Mandeb, according to the US Energy Information Agency.

The Red Sea is also a secondary outlet for Saudi Arabian oil exports to avoid the Strait of Hormuz.

The port of Yanbu on the waterway is the end of a cross-country pipeline through which Saudi Arabia can transport 7 million barrels of crude oil per day, according to Saudi Aramco.

Aussies have been copping it at the petrol bowser from the moment the US and Israel began their campaign in Iran.

And although it's eased for us (slightly), spare a thought for a global financial hub still paying almost triple what we are.

New data from GlobalPetrolPrices.com shows the island of Hong Kong is paying almost $6 a litre for fuel, making it the most expensive place in the world to fill a car.

That's a spike of almost 20 per cent in the past year.

Hong Kong sources about 80 per cent of its fuel from mainland China, which is keeping petrol stations full for the time being.

But to stave off the island's exorbitant prices, Hong Kongers are driving to the mainland to fill up, where prices are about a third of the cost.

More ships are moving through the Strait of Hormuz without incident as other countries negotiate safe passage with Iran.

A French-owned container ship was about to leave the Persian Gulf yesterday.

The ship signalled itself as being French-owned as it passed through the Strait.

Meanwhile, a vessel from Japanese company MOL carrying LNG was able to exit the strait safely.

The safe exit comes three weeks after a MOL container ship sustained damage in an attack in the Persian Gulf.

Debris from a rocket interception has fallen on a very expat-heavy part of Dubai.

Debris struck the facade of the Dubai Marina, but there were no reports of injuries.

The district is one of the most popular for expatriates in the United Arab Emirates, including many Australians.

Meanwhile, Iran has sent many missiles and drones over Kuwait today, that country's Ministry of Defence has said.

If you were looking for an indication that this war is like none before it, look to social media.

Iran has posted a video of a hiphop video using Lego animation to mock Defence Secretary Pete Hegseth.

The video lashes Hegseth with some dark allegations from his past.

"Think you're a crusader, nah, just a drunk infidel in a fake infidel," the rapper sings.

It also references a 2017 sexual assault allegation Hegseth faced in 2017 that resulted in a $A80,000 settlement to his accuser, as well as other accusations of infidelities and public drunkenness.

Donald Trump has lost the support of a senator from his own party on funding his war with Iran.

Republican John Curtis said he would not allow any more funding for the conflict with Iran unless war is formally declared by Congress.

"We must be clear-eyed about history and the Constitution," he said.

"While I support maintaining our readiness and replenishing stockpiles, I cannot support funding for further military operations without a formal declaration of war from Congress."

Under US law, only Congress can declare war and appropriate money to fund it.

Losing Curtis, who represents the deeply Republican state of Utah, is a substantial blow to Trump.

Republicans hold a 53-47 edge in the Senate, and many of them are facing competitive elections this November.

Which means a formal declaration of war and a vote to bankroll it are far from a sure thing for Trump.