Episode Details

The US military says its forces have completely stopped all economic trade going in and out of Iran by sea.

Iran shut the Strait of Hormuz shortly after the US and Israel launched their war in late February.

The US military now claims it's halted all economic trade to the country, after imposing a blockade earlier this week.

Oil prices have been jumping since the start of the war, and the International Energy Agency has warned energy prices could rise again this month.  

Virgin Australia will reduce domestic flights over the next few months as it faces a hit from fuel costs due to the Iran war.

The airline says it'll cut its domestic capacity by one per cent in the three months to June 30.

It expects fuel costs to be $30-to-$40 million more than it had previously expected in the second half of this financial year.

Australia's richest person, Gina Rinehart has been dealt a blow, with a court finding the family of former mining pioneer Peter Wright has the right to potentially hundreds of millions of dollars worth of past and future royalties from lucrative Pilbara mining assets.

Justice Jennifer Smith dismissed all claims, including those made by Ms Rinehart's children and Mr Wright's descendants, to an ownership share in the Hope Downs mines and tenements, which is currently operated as a joint venture between Ms Rinehart's Hancock Prospecting and Rio Tinto.

Justice Smith found both Hancock Prospecting and Rio were jointly liable for the royalty payments to Mr Wright's family's company, Wright Prospecting.

But she found Hancock Prospecting remained the 50 per cent owner of Hope Downs.