Economists - and motorists - have been nervously watching the Brent crude oil price spike above 100 US dollars a barrel in recent weeks as the Middle East conflict continues.

It's currently sitting around 90 dollars a barrel - but it's expected to surge when markets open today.

Meanwhile, jet fuel has also seen a significant spike since the start of the war.

Last week, the International Energy Agency warned airlines in Europe may have just six weeks left of supply - as local airlines Qantas and Virgin suspended and cancelled flights as their fuel bills soar.

• Guest: Justin Wastnage, Adjunct Industry Fellow at Griffith University's Institute of Tourism
• Producer: Jason Whittaker

An alliance of home support providers and allied health professionals is calling for an urgent rethink on a key aged care reform, ahead of next month's Federal Budget.

The CHSP Alliance wants the Albanese government to scrap plans to fold the Commonwealth Home Support Program into the new Support at Home Program.

It comes as some home support providers are facing increasing costs in the wake of the fuel crisis - including providers like Meals on Wheels. 

• Guest: Paul Sadler, Chair of Meals on Wheels Australia
• Producer: Grace Stranger

In breaking news this morning, US President Donald Trump says the US military has taken control of an Iranian-flagged cargo ship by blowing a hole in its engine room.

In a Truth Social post, the president says, "We ​have full custody of their ship, and are seeing what's on board!"  

It comes after Iran reversed its decision to reopen the Strait of Hormuz.

Iran says it will continue to block transit through the strait, as long as the US blockade remains in effect.

Iran has fired upon multiple vessels at the weekend, with no casualties reported. 

• GUEST: Sal Mercogliano, Maritime History Professor at Campbell University, North Carolina and Former Merchant Mariner
• PRODUCER: Pip Cook, Joe Sullivan

What does the state of the Strait of Hormuz mean for global oil markets, especially in the wake of reports of ships being attacked? 

• GUEST: Russ Mould, Investment Director at AJ Bell

The Israeli military has released a map of a so-called security zone in southern Lebanon for the first time, where thousands of its troops remain, despite a ceasefire between Israel and Lebanon.

Israeli media is reporting that the military is using private contractors with bulldozers to demolish homes and schools in Lebanese villages within this zone.

The leaders of Israel and Lebanon agreed to a 10-day ceasefire last week.

More than a million people in Lebanon have been displaced by the fighting and more than two-thousand people killed, according to the Lebanese health ministry.

• GUEST: Dr. Randa Slim, Distinguished Fellow and Program Lead for the Middle East Program at the Stimson Center
• PRODUCER: Pip Cook

A 10-day ceasefire between Israel and Lebanon has now begun - signalling a pause in Israel's conflict with Iran-backed Hezbollah that has raged in parallel to the war with Iran.

Also, President Donald Trump has lashed out at Australia - again - for not helping re-open the Strait of Hormuz.

Both Defence Minister Richard Marles and his shadow counterpart James Paterson join the program.

It comes as the federal government announces a $53 billion spending boost in defence - but is this enough of an investment? We ask a defence expert.

Recap the morning's news, politics and global affairs with the Breakfast Wrap.

The Prime Minister, Anthony Albanese, has flown home early to inspect the damage at the Geelong refinery, but is also bringing home with him several deals to bolster the nation's fuel and fertiliser supplies.

It comes as the Defence Minister, Richard Marles, unveiled a new defence strategy and funding, while the Opposition Leader, Angus Taylor, released a long awaited immigration policy. GuestsMichelle Grattan, Chief Political Correspondent at The Conversation, and Professorial Fellow at the University of Canberra Jason Koutsoukis, Special Correspondent for The Saturday PaperStephanie Borys, Radio National Breakfast's political correspondent

There's more pressure on oil supply chains today in the wake of this week's fire at the Corio oil refinery in Victoria.

But the refinery's operator - Viva Energy says it's confident it can maintain supply through increased imports.

• Guest: Lily D’Ambrosio, Victorian Minister for Energy and Resources
• Producer: Jason Whittaker

US President Donald Trump has again criticised Australia for not directly helping with the war in Iran.

He made the comments overnight while taking a question by a journalist about Australia's defence spending.

It comes as the federal government has unveiled plans to increase defence spending by 53 billion dollars over the next decade. 

• GUEST: Richard Marles, Minister for Defence 
• PRODUCER: Isadora Bogle 

The government plans to increase defence spending by an extra 53 billion dollars over the next decade.

Defence Minister Richard Marles says he wants to increase "self-reliance" as the world enters what he described as a "period of disorder."

• GUEST: James Paterson, Shadow Minister of Defence
• PRODUCER: Isadora Bogle