Saudi Arabia says it reserves the right to military action against Iran, after it was targeted by Iranian ballistic missiles.

Iran has been striking Qatari, Emirati and Saudi ‌oil-and-gas facilities, in retaliation for an ‌Israeli strike on a key gas field.

Saudi Arabia has come under attack by hundreds of Iranian missiles and drones since the start of the war -  most have been intercepted - but today's attacks mark the first time many in the capital Riyadh heard blasts or received warning messages via text.

The prime minister Anthony Albanese is urging Australians not to panic buy petrol as a national task-force to ensure fuel flows to affected regions is established.

Former Australian Energy Regulator chief executive Anthea Harris has been appointed to coordinate national fuel supply chains in conjunction with states and territories.

Opposition leader Angus Taylor says he supports the establishment of a fuel supply task force but says the energy minister should have acted sooner.

Severe Tropical Cyclone Narelle has intensified into a category five system as it edges closer to the far north Queensland coast.

The system is about 300 kilometres north-east of Cooktown.

It's expected to make landfall tomorrow morning between Lockhart River and Cape Melville as either a Category 5 or 4.

Queensland's Premier David Crisafulli says there'll be destructive winds and heavy rain from tonight, and the defence force is on stand-by to help with disaster response. 

The consumer watchdog has launched an investigation into each of the major fuel suppliers amid allegations of anti-competitive conduct.

The Prime Minister and state and territory leaders have met at national cabinet to discuss the supply of fuel

The competition watchdog's announced it is investigating allegations of anti-competitive conduct by major fuel suppliers in regional and rural Australia.

And all this comes while the war in the Middle East is escalating and Iran is warning of what it is calling 'uncontrollable consequences that could engulf the entire world'.

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There are fears the Australian share market will plunge today, as the war in the Middle East escalates.

The forecast for tropical cyclone Narelle has changed back from a category four to five, when it makes landfall in far north Queensland.

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There has been a dangerous escalation of the Middle East conflict.

Israel and Iran are now targeting key energy infrastructure across the region with missile strikes.

Emergency crews are on the ground in far north Queensland to help residents prepare for a category four cyclone to lash the remote region.

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Global oil prices have jumped over strikes on energy in the Middle East war, as Australia's leaders meet to discuss the impact locally on fuel prices.

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The war in the Middle East is dominating the federal political agenda today, and the prime minister will meet with state and territory leaders for a national cabinet to discuss rising fuel costs.

Cyclone Narelle has now been upgraded to a category four system, and its severe impacts will likely be felt from this evening.

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The Prime Minister will meet with state and territory leaders today for a national cabinet meeting on fuel supply.

Treasurer Jim Chalmers will deliver a speech outlining his response to the economic hit caused by the war in the Middle East, that is set to dramatically push up inflation.

Tropical Cyclone Narelle is inching closer to the far north Queensland coast, as residents busily prepare.

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Listen to the latest updates from ABC News

Listen to the latest updates from ABC News