AS IT HAPPENED: Aussie trucking industry issues dire warning; Iran's military says Strait of Hormuz will be 'completely closed' if US bombs power plants; ASX falls, loses $56 billion

Thanks for joining us again for our rolling coverage of the war in Iran. We'll close our blog off here.

Stick with us, we will be back tomorrow for more live updates. See you then.

Iran's Islamic Revolutionary Guard Corps has responded after Trump threatened to "obliterate" Iranian power plants if it does not lift the blockade on the Strait of Hormuz within 48 hours.

The paramilitary group said it would respond by hitting power plants in all areas that supply electricity to American bases, as well as the economic, industrial and energy infrastructures in which Americans have shares.

"Do not doubt that we will do this," the Guard said in a statement read on Iranian state television.

One never really knows when US President Donald Trump is going to fire off a social media post or two.

About an hour ago – so roughly midnight on the US east coast – he posted an uncharacteristically short message:

"PEACE THROUGH STRENGTH, TO PUT IT MILDLY!!!"

And here's the statement from Albanese and Wong in full:

Singapore and Australia are longstanding friends and Comprehensive Strategic Partners. Our prosperity, security, stability and economic future are intertwined – including with our region.  

We share a long-standing and deep relationship grounded in strategic trust, open markets, and rules-based trade which underpin the prosperity and security of our people and our region. Reaffirming these shared principles is essential at this time.

Australia and Singapore share deep concern over the situation in the Middle East and its consequences for our region, such as the impact on energy supply chains and prices.

We are committed to working together to strengthen energy supply chain resilience, including by deepening regional cooperation, accelerating renewable energy transition, addressing unjustified import and export restrictions, and maintaining open trade flows. 

In this context, we reaffirm our commitment to strengthen energy security, to support the flow of essential goods including petroleum oils, such as diesel, and liquefied natural gas between our two countries, and to notify and consult each other on any disruptions with ramifications on the trade of energy.

Consistent with our Comprehensive Strategic Partnership 2.0 joint declaration agreed in October 2025, Australia and Singapore will accelerate negotiations on an arrangement on trade in essential supplies, and will explore options for a future legally-binding commitment involving bilateral arrangements, such as consultation and early notification in case of potential disruptions. 

We call on other trading partners to join us in ensuring global energy supply chains are kept open, for the benefit of the security and prosperity of our peoples.

Prime Minister Anthony Albanese and his Singaporean counterpart, Lawrence Wong, have released a joint statement about the flow of petrol – including diesel – and natural gas between the two nations.

"We reaffirm our commitment to strengthen energy security, to support the flow of essential goods including petroleum oils, such as diesel, and liquefied natural gas between our two countries, and to notify and consult each other on any disruptions with ramifications on the trade of energy," the leaders said.

"Australia and Singapore will accelerate negotiations on an arrangement on trade in essential supplies, and will explore options for a future legally-binding commitment involving bilateral arrangements, such as consultation and early notification in case of potential disruptions."

Singapore is Australia's second-largest source of refined petroleum imports, delivering more than a fifth of all such products traded here last financial year, according to the federal government's energy department.

Similarly, Singapore was our third-largest customer for liquefied natural gas exports in 2024-25.

The NRMA's Peter Khoury believes it is a matter of when and not if diesel hits $4 per litre in Australia.

"It is not only possible, it is probable," he said at a press conference in Sydney this afternoon.

"The current price for diesel in Australia right now is $2.94 per litre, that's the average."

He said some service stations were already charging over $3 a litre for diesel, and rises will continue for as long as the conflict in the Middle East persists.

"There is nothing holding back these price rises," he added.

He also warned that the price of diesel would lead to inflationary pressures, as well as the rise of household goods, given how crucial the fuel is to the supply and transport chain across Australia.

Back at home, question time is underway in federal parliament, where the opposition has asked whether any further oil shipments to Australia have been cancelled.

Energy Minister Chris Bowen repeats what he announced yesterday – that six of about 80 shipments have been cancelled.

He adds no further deliveries have been withdrawn, and that much of the supply from those six that have been cancelled or deferred have "to at least some degree, been replaced with new supply".

It's not just Saudi Arabia where missile sirens are sounding.

Alarms have gone off in Bahrain and Kuwait, while Israel has confirmed it has launched a fresh attack on Iran.

The Israeli military said it had "begun a wide-scale wave of strikes targeting Iranian terror regime infrastructure".

Iranian state TV has reported airstrikes have hit Tehran in what are the early hours of the morning.

Saudi Arabia has flagged it has detected two ballistic missiles heading towards its capital, Riyadh.

An official spokesperson for the nation's Ministry of Defence said one was intercepted and another fell in an uninhabited area.

Over the weekend, Donald Trump infamously gave Iran a 48-hour deadline, warning the nation that if it did not stop obstructing the Strait of Hormuz, deliberate strikes would soon start taking out critical energy infrastructure.

"The United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!" he posted to Truth Social.

So when do Trump's threats expire?

By our calculations, if the threat was "live" at the time of posting, it is due to expire at 23:44 GMT today - or 9:44 am AEDT tomorrow (March 24).