Updated Jul 28, 2026 – 1.42am, first published at 1.39amGo to latestPinned post – 1.39AMWelcomeNatasha RudraWelcome to The Australian Financial Review’s coverage of breaking news for Tuesday 28 July.Here are the top stories overnight:Iran says it has control over the Strait of Hormuz and is not seeking to resume peace talks as Donald Trump says he is contemplating more military strikes. Anthony Albanese will launch plans on Tuesday for a new oil refinery in Western Australia in recognition of the fragility of the nation’s liquid fuel supplies, as exposed by Donald Trump’s war against Iran.ACTU bosses Michele O’Neil and Sally McManus will step down, making way for a new generation of leaders to deal with artificial intelligence, the rise of the far right and the decline in living standards due to inflation.Deputy Premier Ben Carroll informed Premier Jacinta Allan he will be nominating for the leadership of the Victorian Labor Party. Allan wrote to the Victorian Labor Party’s state secretariat on Monday morning to inform them she would recontest a leadership ballot.