Communities on Queensland's north-west coast are taking shelter as tropical cyclone Narelle moves across the country's north.

The Prime Minister has met with state and territory leaders and announced the setting up of a new fuel supply taskforce to co-ordinate a national response to the oil crisis.

Iran has attacked an airbase in the United Arab Emirates where Australian soldiers are stationed but none were injured.

In a blow to everyone struggling to pay off a mortgage and deal with rising fuel costs, the Reserve Bank has increased the cash rate 4.1 per cent.

The American president has asked NATO to help secure the Strait of Hormuz.

As the war in the Middle East continues, the Federal Government is set to release hundreds of millions of litres of fuel from Australia's national stockpiles, as farmers and motorists complain of shortages and soaring prices.

The price of oil has continued to rise as emergency reserves are released around the world. The International Energy Agency, agreed to release 400 million barrels of oil in an effort to maintain stable flow of fuel to try and prevent further price surges.

The Iranian regime has warns its citizens not to hold street protests and said if they do they will be treated as the enemy. The warning comes as rocket attacks across the Middle East escalated.

The US President says the war in the Middle East will be soon be over. Despite the president's statement, the Federal Government has deployed Australian military personnel to the conflict.

The Iranian regime has defied Donald Trump, choosing the son of the slain Ayatollah Khamenei as the country's new Supreme Leader.