Malaysia’s treasury orders ministries to cut 2026 budgets
Malaysia’s treasury has ordered all government ministries and agencies to cut their operating budgets for 2026 due to the impact of the Middle East conflict, according to a government directive reviewed by Reuters.
The directive dated Wednesday and sent by Treasury Secretary-General Johan Mahmood Merican said the government’s public subsidy bill was expected to reach 58.4 billion ringgit ($14.79 billion) this year, far surpassing the 15 billion ringgit originally allocated under the 2026 budget.
Australian state offers first gas exploration permits in a decade
Australia’s New South Wales opened its first new areas for gas exploration in a decade on Wednesday, slashing application fees from A$50,000 ($35,815.00) to A$1,000 in a bid to revive a domestic industry.
Two frontier locations in the state’s west will be opened for exploration, although the state government did not elaborate on the specific number of sites.
“What we need to do, carefully and methodically, is make sure we are responsibly pulling every lever to support a stable and robust energy grid for decades to come,” Minister for Natural Resources Courtney Houssos said in a statement.
“Current global events make this work more important than ever.”
Pakistan urges dialogue, diplomacy
The Permanent Representative of Pakistan to the UN urged both sides to exercise “restraint, dialogue and diplomacy”.
Asim Iftikhar Ahmad said, “Pakistan remains actively engaged in advancing such diplomatic pathways and advocating for a peaceful resolution of this crisis. The recent talks hosted in Islamabad between the US and Iran stand as a testament to this commitment. Pakistan will continue to support and facilitate efforts aimed at fostering dialogue and stability across the region.”
US Treasury Secretary warns Kharg Island nearing capacity
In a post on X, US Treasury Secretary Scott Bessent warned that Kharg Island, which holds storage for up to about 30 million barrels of oil, is nearing its capacity.
It said that the nation’s Treasury will continue to “exert maximum pressure” while warning that any person, vessel, or entity facilitating illicit flows to Tehran risks exposure to US sanctions.
US targets Iran’s ‘shadow banking infrastructure’
US Treasury Secretary Scott Bessent said in a post on X that through ‘Economic Fury’ the US “has targeted Iran’s international shadow banking infrastructure, access to crypto, shadow fleet, weapons procurement networks, funding for terrorist proxies in the region”.
US Centcom says 20 ships anchored off Iran
Prior to the US blockade on Iran, 5 ships were moored or anchored in the Iranian port of Chah Bahar on an average day. Today, more than 20 vessels remain in Chah Bahar as US forces cut off economic trade going into and coming out of Iran during the ongoing blockade, US Central Command said.
Trump says King Charles agrees Iran must not get nuclear bomb
US President Donald Trump said that King Charles agrees Iran cannot have a nuclear bomb.
He made the comments during a state visit to the US by the British monarch
Trump tells aides to prepare for extended blockade of Iran, WSJ reports
US President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported on Tuesday, citing US officials.
In recent meetings, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports, the report said, adding that he believed that his other options, including resuming bombing or walking away from the conflict, carried more risk than maintaining the blockade.
Reuters said it could not immediately verify the report.
Here’s the latest
Good morning! If you’re just tuning in to catch the biggest headlines from the last 24 hours, here’s everything you missed:
UAE’s OPEC pull-out
The United Arab Emirates will withdraw from the Opec and Opec+ oil organisations to focus on “national interests”.
Gulf leaders meet in Saudi Arabia
Saudi Arabia welcomed leaders and officials to Jeddah from across the Gulf to discuss the ongoing crisis in the region.
US lawmakers to grill Pentagon chief on Iran war
US Defence Secretary Pete Hegseth will face tough questions from lawmakers about the Iran war on Wednesday during his first testimony to Congress since the start of the conflict.
Trump says US ‘militarily defeated’ Iran
Trump told Britain’s King Charles III and other guests at a state dinner that Iran has been “militarily defeated”, in his first public comments on the sensitive topic during the ongoing royal visit.
Israeli strikes on Lebanon kill eight: health ministry
The Lebanese health ministry said Israeli strikes Tuesday killed eight people, including civil defence rescuers, and wounded two soldiers in the country’s south, despite an ongoing ceasefire.
Oil jumps
Oil prices jumped on reports that US President Donald Trump was unlikely to accept an Iranian proposal to restore traffic in the Strait of Hormuz and Qatar warned of a possible “frozen conflict”.
King Charles urges Western unity
In an address to the US Congress, King Charles III urged the United States to stand firm with its Western allies, noting that the meeting in Washington came “in times of great uncertainty”.
Israel says destroyed militant tunnels
The Israeli military said it found and destroyed a large Hezbollah-builttunnel network used by elite fighters, as it ordered a wave of new evacuations from Lebanon’s south.
US Marines board ship believed bound for Iran port
US troops boarded, searched, and later released the M/V Blue Star III, which the US suspected of trying to violate its blockade of Iranian ports.
Trump says US has ‘militarily defeated’ Iran
US President Donald Trump told Britain’s King Charles III and other guests at a state dinner that Iran has been “militarily defeated,” in his first public comments on the sensitive topic during the ongoing royal visit.
“We have militarily defeated that particular opponent,” Trump said at the White House dinner, adding: “Charles agrees with me even more than I do — we’re never going to let that opponent have a nuclear weapon.”
