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$800m in trades before Trump announcement 'is treason'

A series of trades worth $800 million made minutes before a Truth Social post from Donald Trump sent markets swinging is an act of treason, one of America's most prominent economists has said.

An entity or several entities traded heavily on S&P 500 and oil futures, making an immense sum of money in the process.

Nobel Laureate Paul Krugman lashed out at the mystery traders.

Somebody made a lot of money when Donald Trump posted a message on Iran yesterday.

"When officers of a company or people close to them exploit confidential information for personal financial gain, that's insider trading — which is illegal," Krugman wrote.

"But we have another word for situations in which people with access to confidential information regarding national security — such as plans to bomb or not to bomb another country — exploit that information for profit.

"That word is 'treason'."

Krugman suggested the traders were either people who knew directly what Trump was going to say, or had been told by people in the know.

"Are decisions about war and peace in part serving the cause of market manipulation rather than the national interest?" he wrote.

"If you dismiss this as unthinkable, you just haven't been paying attention."

Donald Trump's wealth has vastly increased since he became president last year.

Democratic Senator Chris Murphy demanded to know who was making the trades.

"Who was it? Trump? A family member? A White House staffer?" Murphy said.

"This is corruption. Mind blowing corruption."

The Commodity Futures Trading Commission, which regulates futures trading, has not commented on the trade.

The Commission normally has five members, but currently only has one, a Trump appointee.

The White House dismissed any inference of wrongdoing.

"The White House does not tolerate any administration official illegally profiteering off of insider knowledge, and any implication that officials are engaged in such activity without evidence is baseless and irresponsible reporting," Kush Desai told FT.

Oil prices dropped after Trump's announcement.

The future market trades are not the first time eyebrows have been raised at suspicious bets before a Trump decision.

Betting app Kalshi has refused to pay out $77 million in winnings to punters who bet Ayatollah Ali Khamenei would be out of office by March 1.

Khamenei was killed by a US and Israeli bombing strike hours before the deadline was reached.

Meanwhile on Polymarket, 150 accounts bet more than a million dollars that the US would strike Iran the next day.

And in January, a Polymarket user made about $570,000 betting that Venezuelan President Nicolas Maduro would be out of office before the end of the month.

They had doubled down on their bet hours before the US seized the leader in a military strike.

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Sydney teen charged with terrorism offences

9News

A teenage boy in Sydney could face 15 years behind bars after being charged with several terrorism offences.

Police will allege the boy, aged 16, held a "mixed ideology plan" and had plans to carry out acts of violence after analysing extremist material found on a computer he allegedly owned.

Investigations into the boy began last year when police searched a home in the Inner West, where a gel blaster and a flick knife were found.

LIVE UPDATES: Iran gloats over Australia's fuel crisis

The boy was initially arrested and charged with possessing an unauthorised pistol and a prohibited weapon without a permit, and was granted bail for each offence.

However, after finding the alleged extremist material, authorities have laid further charges on the boy.

These include one count of collecting documents likely to facilitate a terrorist act, two counts of making documents likely to facilitate a terrorist act, and two counts of possessing violent extremist material.

The boy will face NSW Children's Court today.

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Minutes before Trump's announcement, $800 million in trades made on oil prices

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At 9.50pm AEDT yesterday, there was a sudden spike in trading on the oil and S&P 500 futures market.

6.50am New York time is an unusual time for a rush on trades on West Texas Intermediate May futures.

But it showed that all of a sudden, a substantial sum of money was bet on oil prices dropping and the stock market rising.

Donald Trump has said he is negotiating with Iran, something Iran has denied.

In the space of a minute, more than $800 million in trades was made on oil futures.

Then a few minutes later, US President Donald Trump made a Truth Social post.

"I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East," Trump wrote.

"Based on the tenor and tone of these in depth, detailed, and constructive conversations, witch (sic) will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions."

The S&P 500 futures market surged and crude oil prices dropped through the floor.

And whoever made those trades made an incredible amount of money.

A White House spokesperson brushed off the suspicious activity.

Hours later, top Iranian politician Mohammad-Bagher Ghalibaf denied the president's claim.

"No negotiations have been held with the US, and fake news is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped," he said.

"Iranian people demand complete and remorseful punishment of the aggressors.

"All Iranian officials stand firmly behind their supreme leader and people until this goal is achieved."

Supreme Leader Ayatollah Ali Khamenei has warned of a crackdown on protesters.

Today's future market trades are not the first time eyebrows have been raised at suspicious bets before a Trump decision.

Betting app Kalshi has refused to pay out $77 million in winnings to punters who bet Ayatollah Ali Khamenei would be out of office by March 1.

Khamenei was killed by a US and Israeli bombing strike hours before the deadline was reached.

Meanwhile on Polymarket, 150 accounts bet more than a million dollars that the US would strike Iran the next day.

And in January, a Polymarket user made about $570,000 betting that Venezuelan President Nicolas Maduro would be out of office before the end of the month.

They had doubled down on their bet hours before the US seized the leader in a military strike.

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Cyclone Narelle could reach Perth in rare southward charge

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Residents in Perth and Western Australia's south-west are being urged to keep a close eye on the horizon as ex-tropical cyclone Narelle prepares to redevelop on the open ocean.

After drenching the Northern Territory and the Kimberley, the system is forecast to re-intensify into a powerful cyclone and could potentially track as far south as the state capital by the weekend.

On Monday morning, Narelle was positioned as a tropical low over the Joseph Bonaparte Gulf, about 25 kilometres north-north-west of Wadeye.

Forecast wind gusts from Weatherzone on Thursday afternoon, showing Tropical Cyclone Narelle to the north of WA.

BoM meteorologist Jonathan How explains how Narelle could reach Perth, a rare event for a cyclone.

The system has already left a trail of destruction across the Northern Territory, where it made landfall as a category 3 cyclone on Saturday night.

According to Weatherzone, the deluge has been relentless. A rain gauge at Adelaide River Town recorded 202 millimetres in the 24 hours to 9am on Monday, triggering major flooding.

"Ex-Tropical Cyclone Narelle is expected to redevelop off the north coast of Western Australia later this week, before possibly turning south and heading towards Perth this weekend," Weatherzone reported.

The system was moving west across the northern Kimberley, bringing damaging gale-force winds and further flooding risks. However, the real concern begins on Wednesday.

Narelle is predicted to move out to sea and make its way down the west coast of Australia.

Bureau of Meteorology meteorologist Jonathan How said that once the system moved off the Kimberley coast and over open water, it was expected to "re-intensify back into a tropical cyclone".

On Wednesday, Narelle is expected to reach category 2 or 3 strength, and by Thursday it could become a category 4 severe tropical cyclone as it tracks north of the Pilbara.

By late week, Weatherzone said there was a chance it could even reach category 5, the highest tier on the scale.

Will it hit Perth?

While the system is currently staying offshore from the Pilbara, computer models show a significant "curve" in the track starting on Friday.

"By Saturday morning, [it] is expected to lie somewhere between Carnarvon also down towards Geraldton," How said. "Beyond this, there is still a range of scenarios possible."

One of those scenarios is a direct impact on the south-west.

If Narelle tracks southwards, it is expected to accelerate and may transition into an extra-tropical cyclone.

While technically different in their energy sources, both systems are equally dangerous, capable of bringing powerful winds, heavy rain, and large waves to the Perth metropolitan area by Sunday.

A cyclone reaching Perth is an unusual occurrence, but it is not without precedent. Bureau records show that 14 systems classified as tropical cyclones have brought gale-force winds or property damage to Perth between 1910 and 2024.

The most recent comparison for many locals is Tropical Cyclone Seroja, which devastated Kalbarri in 2021. Jonathan How noted that while these events don't happen every season, the threat to Perth is real.

"Another possibility is that the system remains offshore for longer and actually crosses the coast further down towards the southwest, potentially impacting places like Perth and the far southwest of Western Australia," How said.

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Kyle kicks off legal battle against ARN days after being sacked

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Kyle Sandilands has officially kicked off legal proceedings against former employer ARN Media after it ripped up his $100 million contract last week.

Court documents were served on Commonwealth Broadcasting Corporation (CBC), a subsidiary of ARN that holds the licence for KIIS 1065 Sydney and the contract with Sandilands, on Friday.

ARN announced the news in an ASX market update released this morning.

LIVE UPDATES: Iran's military says Strait of Hormuz will be 'completely closed' if US bombs power plants

Radio host Kyle Sandilands leaves is home in, Vaucluse, 17 March 2026. Image 2

Sandilands' legal team is arguing that ARN's claim he committed "serious misconduct" during an on-air bust-up with co-host Jackie O Henderson is untrue.

They argue his termination on the grounds of serious misconduct is therefore invalid.

"They allege that there was no act of serious misconduct or breach of contract, and that the termination was unconscionable under the Australian Consumer Law," the statement from ARN reads.

"The applicants seek an order for specific performance of two contracts, payment of whatever amounts are due and payable under the contracts at the time of judgment, and damages."

ARN disputes Sandilands' claims and said it intends to defend the proceedings.

It could be a costly legal battle, given that there was believed to be more than $80 million still on Sandilands' 10-year contract.

"Given the early stage of the matter, ARN is unable to reliably estimate the outcome or any potential financial impact," the statement said.

Sandilands announced his contract with ARN had been terminated last Wednesday.

He said in a statement at the time that he planned to take legal action and alleged that the network wanted a way out of the $100 million deal with him.

"They thought they saw a chance to get out of the contract they signed with me a year ago, and they ran with it," Sandilands claimed.

Henderson is also reportedly considering legal action after she was taken off air in February.

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Trump threatens to 'obliterate' Iranian power plants over Strait of Hormuz closure

9News

Donald Trump has threatened to "obliterate" Iranian power plants if the country does not lift its blockade of the Strait of Hormuz.

The US president gave Iran a 48-hour deadline to reopen the critical waterway in a chilling ultimatum shared on Truth Social at 10.44am AEDT.

"If Iran doesn't FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST," Trump wrote.

President Donald Trump walks to speak with reporters before departing on Marine One from the South Lawn of the White House, Friday, March 20, 2026, in Washington. (AP Photo/Julia Demaree Nikhinson)

"Thank you for your attention to this matter. President DONALD J. TRUMP."

Trump has previously called on key NATO allies to pressure Iran to reopen the Strait of Hormuz.

"They didn't want to join the fight to stop a Nuclear Powered Iran. Now that fight is Militarily WON, with very little danger for them, they complain about the high oil prices they are forced to pay, but don't want to help open the Strait of Hormuz, a simple military maneuver that is the single reason for the high oil prices," Trump said in an earlier post on Truth Social.

The Strait of Hormuz is the only waterway in or out of the Persian Gulf and is a vital passageway for crude oil tankers.

Its closure has put enormous pressure on global oil supply, sending liquid fuel prices soaring across the world.

Trump's latest threat against Iran follows the president's extraordinary criticism over Australia's lack of involvement in the conflict thus far.

The US president gave Iran a 48-hour deadline to reopen the critical waterway in a post on Truth Social at 10.44am AEDT.

The president on Friday told journalists that Australia should get involved and that he was "a little bit surprised that they said no because we always say yes to them".

Prime Minister Anthony Albanese said Trump had not officially asked Australia for support.

"We have done what we have asked been asked to do," Albanese said at a press conference in Melbourne.

The truth is that we have said yes to the request [from] the UAE for the E-7 Wedgetail aircraft that is operating there with personnel operating as well. In addition to that, we've sent AMRAAM [interceptor missiles].

"That's making a difference as well, to intercept missiles or drones aimed at the UAE. So we continue to provide the support that we have been asked to provide."

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Petrol theft ramps up as unleaded nears $3 per litre

9News

Fuel theft is on the rise in Australia as motorists reach breaking point over the spiralling costs at the bowser.

Incidents of theft have been reported on the streets of regional Victoria and in Queensland, including brazen thieves who siphoned fuel from trucks as drivers slept at rest stops.

The cost of unleaded petrol has now nudged $3 per litre, crippling motorists and businesses, as the global oil crisis triggered by the war in the Middle East shows no sign of easing.

Victoria Police are investigating afters several streets in Kyneton, in central Victoria, were targeted by fuel thieves yesterday and on Friday.

It is believed unknown offenders tampered with fuel cap covers of cars parked along Wedge and Powlett streets between 5pm on Friday and 8am yesterday, police said.

An investigation into the incidents is now under way.

Meanwhile, truck drivers in rural Queensland have been urged to lock their fuel tanks after drivers reported having fuel stolen overnight as they slept.

"With the rising cost of fuel across Australia, unfortunately we all know what tends to follow… opportunistic theft," a spokesperson for Ambrose Haulage Pty Ltd said on Facebook

"One of our drivers had a very close call overnight at Moonie with someone attempting to access the truck.

"Please keep an extra eye out when you're parked up especially overnight."

The surging price of fuel and regional shortage has prompted calls for stricter fuel rationing across the country.

An Ampol petrol station in Neutral Bay, a favourite for motorists on Sydney's Northern Beaches, has been run dry.

One Nation's Barnaby Joyce said now was the time to ramp up conservation efforts as our existing stock is depleted.

"We should be going towards rationing," Joyce said.

"The problem is taking its second iteration, because you've got to remember, the oil we were using at the start of the crisis had already been extracted from the Middle East.

"So we weren't having to contend with the closure of the Strait of Hormoz. It's actually going to become more difficult."

Current petrol supplies are expected to run dry at the end of April.

The International Energy Agency has urged Australians to work form home or catch public transport to preserve fuel.

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'They don't like any of us': Biggest lesson from One Nation's record surge

9News

The Coalition's failure to unite in policy left a "vaccum" for Pauline Hanson's One Nation to lure voters during the South Australian election – but the insurgent party could shake up federal politics too.

One Nation's strong performance in the election was accompanied by a significant dip in support for both the victorious Labor party and the Liberals, and politicians in Canberra should be taking note, former Nationals leader David Littleproud said.

Littleproud said the biggest takeaway from Hanson's seismic upswing in popularity is that voters are disaffected with every side of politics.

Pauline Hanson said One Nation's strong performance in the South Australia election was just the beginning. 21032026

"I think the lesson for that, not just in South Australia but federally, is that people are angry and if you look at where the polls are federally, they don't like any of us," he told Today.

"The reality is, no-one is sitting there with 40 or 50 per cent of the primary vote in any of the polling.

"Everyone is scratching around 20 to 30 per cent. That's because people are angry, they are hurting, they're looking for hope, they're looking for direction."

Both major parties bled votes to One Nation across the state.

While SA Premier Peter Malinauskas secured a second term with a landslide win for Labor, the party's primary vote still dipped slightly to around 38 per cent.

One Nation burst onto the scene with an historic 21 per cent of the vote, ahead of the Liberals on just 19 per cent.

The state numbers threaten to spill across borders as One Nation circles ahead of the looming Victoria election and Farrer byelection.

Littleproud said Hanson's promising showing in SA should spook the Coalition into action.

"The biggest mistake the Coalition made after the election was basically to abolish all policies, and that left a vacuum for Pauline Hanson to walk in," he said.

"It also poses a significant opportunity. We've got a prime minister who is unpopular, not like Peter Malinauskas, there's an opportunity there, but we've got to put out our policies.

"You've got to fight for what you believe in and people reward that."

Hanson yesterday said a "clear message is being sent" as early poll numbers indicated her conservative party was securing a record primary vote.

"I want to take this opportunity to give a big thnak you to the people of South Australia for giving their trust and confidence to One Nation," Hanson told 9News.

"This will send a clear message. I'm not going to stop at South Australia, I'm going to go to after the seat of Farrer... and then Victoria."

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Aussies urged to work from home as petrol prices reach eye-watering new highs

9News

With fuel prices rocketing and supplies tightening, the world's energy watchdog is now urging Australians to work from home, as conflict in the Middle East threatens global oil supply.

The International Energy Agency has issued a warning as diesel hits a record three dollars a litre.

In its list of 10 recommendations, the watchdog has also urged Australians to slow down on the roads, avoid air travel and carpool to work or take public transport.

Petrol selling for 299.9 cents a litre on March 6, 2026.

This morning, the cheapest petrol in Australia was in Perth, at $2.19 a litre, and Melbourne was the most expensive place to fill up at $2.99 a litre in Hawthorn.

Some petrol stations in Kingsbury in Melbourne's North are charging $3.10 a litre.

The next most expensive petrol in Sydney is in Lewisham, at just over $2.79.

The nation's average is currently sitting at $2.45 a litre with little relief in sight due to the escalating conflict in the Middle East.

"We need to see the government come out and clearly communicate with the Australian people what fuel supplies we have, and where our future fuel supplies are coming from," Liberal Senator Paul Scarr told Today.

"We need to make sure that diesel flows through to our farmers, and that's really incredibly important to make sure that we get the food on the table and we support all of our productive industries."

In an urgent decision, the ACCC has allowed fuel companies to collaborate and coordinate fuel supply.

"This is part of the government's decisive action to make more fuel available to industry and households and keep fuel flowing to where it's most needed, including the bush," Treasurer Jim Chalmers said.

Petrol prices showing BP petrol station in Clovelly 16th March 2026.

"It's really important that the big players in the fuel markets don't treat this as a chance to disadvantage the independents who play a vital role, including in regional Australia."

The decision will allow fuel companies to exchange and coordinate information surrounding the fuel supply across the country to prevent shortages without breaching competition laws.

However, fuel suppliers are still not allowed to share information or reach agreements on fuel prices.

The call comes as NSW Premier Chris Minns announced yesterday that about 80 petrol stations in the state were without diesel and about 40 had no petrol at all.

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Trump considering 'winding down' his war in Iran, but invasion plans reportedly being drafted

9News

Donald Trump said he is considering winding down the war in Iran, even as reports emerge of the Pentagon planning a ground invasion.

In a post on Truth Social this morning, Trump detailed his achievements since starting the war three weeks ago.

"We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East with respect to the Terrorist Regime of Iran," he said.

Donald Trump called his NATO allies "cowards" for not providing military support for his war with Iran.

"(1) Completely degrading Iranian Missile Capability, Launchers, and everything else pertaining to them. (2) Destroying Iran's Defense Industrial Base. (3) Eliminating their Navy and Air Force, including Anti Aircraft Weaponry. (4) Never allowing Iran to get even close to Nuclear Capability, and always being in a position where the U.S.A. can quickly and powerfully react to such a situation, should it take place. (5) Protecting, at the highest level, our Middle Eastern Allies, including Israel, Saudi Arabia, Qatar, the United Arab Emirates, Bahrain, Kuwait, and others. The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it — The United States does not!

"If asked, we will help these Countries in their Hormuz efforts, but it shouldn't be necessary once Iran's threat is eradicated.

"Importantly, it will be an easy Military Operation for them."

But his claims come as Iran's Supreme Leader Ayatollah Mojtaba Khamenei declared victory in his own statement.

The Trump Administration is reportedly considering an invasion of Kharg Island.

"The enemy has been defeated," Khamenei said.

"(Iranians have) dealt him a dizzying blow so that he now starts uttering contradictory words and nonsense."

Trump's purported consideration of winding down the war comes at the same time as reports of an invasion being planned.

CBS News reports the Pentagon has made detailed plans for a ground invasion of Iran.

But Trump denied the plans in an obtuse way.

"No, I'm not putting troops anywhere," he said.

"If I were, I certainly wouldn't tell you."

Donald Trump has given mixed messages on whether he needs the support of his allies.

He is also considering using ground troops to occupy Iran's strategically valuable Kharg Island, according to reports.

Axios cited four sources as saying the Trump Administration was considering a blockade of the island or even landing troops there.

When questioned about this outside the White House, Trump was coy.

"I may have a plan, I may not," he said.

"It's certainly a place that people are talking about. But I can't tell you that."

Kharg Island is the most valuable piece of economic infrastructure to Iran.

Because Iran's coastline is too shallow for massive tankers, 90 per cent of Iran's oil is exported via Kharg Island.

US Central Command confirmed today that 232 American service members have been injured since the war began three weeks ago.

Of those, ten are seriously wounded, and 207 have been able to return to duty.

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News Pro Zone

$800m in trades before Trump announcement 'is treason'

Sydney teen charged with terrorism offences

Minutes before Trump's announcement, $800 million in trades made on oil prices

Cyclone Narelle could reach Perth in rare southward charge

Will it hit Perth?

Kyle kicks off legal battle against ARN days after being sacked

Trump threatens to 'obliterate' Iranian power plants over Strait of Hormuz closure

Petrol theft ramps up as unleaded nears $3 per litre

'They don't like any of us': Biggest lesson from One Nation's record surge

Aussies urged to work from home as petrol prices reach eye-watering new highs

Trump considering 'winding down' his war in Iran, but invasion plans reportedly being drafted

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