Australiamar

Austal (ASX:ASB) has secured a $136 million contract extension to construct two additional Evolved Cape-class patrol boats for the Australian Border Force.

Oil rose a second day after Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, but futures remain on track for their biggest weekly loss since June. According to Saudi Arabia's press agency, the nation's production capacity has been cut by around 600,000 barrels a day. Bloomberg's Anthony di Paola breaks down the situation.

Bhagwan Marine (ASX:BWN) has finalised the 100% acquisition of Riverside Marine for an enterprise price of up to $130 million.

The availability of an alternative route for getting crude from Saudi Arabia to Asia, the Red Sea, has become more of a risk after Houthi militants entered the Middle East conflict. Bloomberg's Brendan Murray explains.

Hugh Gimber, global market strategist at JPMorgan Asset Management, discusses market positioning as the Iran war continues and Macquarie said oil may hit a record $200 a barrel if the conflict drags on until June. "I think it would be a recession at $200 a barrel," Gimber tells Bloomberg Television. "That's why we're seeing such focus on finding an off-ramp," he adds.

Oil steadied as US President Donald Trump again pushed back a deadline for striking Iran's energy. Brent crude is on pace for a record monthly gain in March. Bloomberg's Anthony di Paola reports.

Iran indicated Thursday it was still awaiting a response after rejecting a US 15-point plan to end the war and offering its own conditions that would include recognition of its authority over the Strait of Hormuz. Meanwhile, Malaysian Prime Minister Anwar Ibrahim said Iran has allowed Malaysian vessels trapped in the Persian Gulf to return home through the Strait of Hormuz. Bloomberg's Joumanna Bercetche reports.

Iran said foreign ships are allowed to cross the Strait of Hormuz, as long as they aren't supporting acts of aggression against the country and follow regulations put in place by Tehran. The comments were made in a letter circulated to members of the International Maritime Organization. Bloomberg's Joumanna Bercetche reports.

Lloyd's of London Chief Executive Officer Patrick Tiernan discusses the implications of the current situation in the Middle East on insurance markets, with focus on the maritime war risks in the Strait of Hormuz. "The insurance market does continue to remain open and is continuing to quote for risks for both static vessels and for vessels who have taken the decision to transit the Strait of Hormuz," Tiernan tells Bloomberg Television.

The Albanese government is under fire as its flagship policy to establish a sovereign strategic fleet falls more than a year behind schedule.