- Australian PM to address the nation -

Australian Prime Minister Anthony Albanese will make a rare address to the nation across television and radio networks on Wednesday, outlining Canberra's response to the Middle East conflict.

Albanese will make the address at 7:00 pm Canberra time (0800 GMT) and is expected to urge Australians to save fuel for industries that need it.

Treasurer Jim Chalmers announced temporary tax relief for small businesses on Wednesday, and said the longer the war drags on the greater the impact on the economy.

- Stocks soar, oil retreats -

Stocks rallied and oil eased after US President Donald Trump said the Middle East war may be over in up to three weeks and his Iranian counterpart said Tehran had "the necessary will" to bring it to an end.

Japan's Nikkei 225 jumped 4.0 percent while benchmarks in Hong Kong, Shanghai and Seoul all rose.

Wall Street stocks had already rocketed higher on Tuesday, with the blue-chip Dow index finishing up 2.5 percent, and the tech-heavy Nasdaq climbing 3.8 percent.

Crude was still trading well above $100 a barrel, however.

- Tanker struck off Qatar -

A tanker has been hit by a projectile in the Gulf, off the coast of Qatar's capital Doha, a British maritime security agency said Wednesday, reporting some damage but no casualties.

- Desalination plant hit -

Strikes have knocked out a desalination plant on Qeshm Island in the Strait of Hormuz, Iranian media reported, without saying when the attack took place.

"One of the desalination plants on Qeshm Island was targeted... and is now completely out of service, as it is not possible to repair it in the short term," the ISNA news agency reported, quoting health ministry official Mohsen Farhadi.

- China ships transit -

China's foreign ministry thanked "the relevant parties" on Tuesday for helping three Chinese ships to transit out of the Strait of Hormuz.

Two container vessels belonging to shipping giant Cosco passed through the strait on Monday, tracking data showed. Beijing gave no details on the third ship.

- Eurozone inflation -

Eurozone inflation rose to 2.5 percent in March, the highest level since January 2025, owing to surging energy prices caused by the Middle East war.

- Asia war woes -

Asia faces the gravest fallout from the war and is confronting a major energy crisis, the head of global maritime analytics firm Kpler told AFP.

Jean Maynier said the continent did not have enough energy resources to cover the gap, adding: "It will not be enough in China, it will not be enough to cover in big countries like the Philippines or Indonesia. So it's a real energy crisis."

- Indonesia rations fuel -

Indonesia announced fuel rationing and mandated work from home for civil servants as it seeks to conserve energy stocks amid global price hikes because of the Middle East war.

It earlier said it would not increase fuel prices despite rising budget pressures from the war.

- Kuwait tanker blaze -

An Iranian attack sparked a fire on a Kuwaiti oil tanker at Dubai Port, state media reported on Tuesday. There were no injuries, according to the report, and Dubai authorities later said firefighters had extinguished the blaze.

Maritime intelligence agency Vanguard and ship tracker MarineTraffic identified the ship as the Al Salmi, a 332-metre (1090-feet) long Kuwait-flagged crude tanker.

- Ethiopia rations fuel -

Ethiopia will prioritise vehicles transporting essential goods and those in the public transport sector at fuel stations as the country grapples with shortages caused by the Middle East war, authorities said Tuesday.

- Sri Lanka hikes electricity -

Sri Lanka announced a nearly 40-percent increase in electricity prices from Wednesday as it battles an energy shortage caused by the war in the Middle East.

Sri Lanka has raised fuel prices three times this month, increasing them by more than a third, and has imposed a four-day working week in a bid to save energy.

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