Australian prime minister welcomes Strait of Hormuz reopening, hopes ‘it will last’

Australian Prime Minister Anthony Albanese on Saturday welcomed Iran's announcement of the reopening of the Strait of Hormuz, while noting that the situation remained "fragile."

"It's positive news that we received last night [Friday]," he told reporters in Sydney after taking part remotely in an international summit of around 30 countries on the issue.

"We hope it will last, but what we do know is that the impact will be lasting," added the prime minister, whose country is experiencing hydrocarbon supply difficulties due to the war in the Middle East.

Oil prices plummeted on markets after Iran's announcement Friday of the reopening of the Strait of Hormuz, which is vital for global hydrocarbon trade.

"The passage of all commercial ships through the Strait of Hormuz is now declared fully open for the remainder of the cease-fire," Iranian Foreign Minister Abbas Araghchi wrote on X.

Donald Trump also told AFP on Friday that a deal with Tehran was "very close," stating that there were no "sticking points" remaining.

On Saturday, Iranian parliament speaker Mohammad Bagher Ghalibaf warned on X that "if the [U.S.] blockade of Iranian ports continues, the Strait of Hormuz will not remain open," highlighting the fragility of the situation.

Like most Asia-Pacific countries, Australia is heavily dependent on oil passing through the Strait of Hormuz, through which a fifth of the world's oil and gas trade flowed before it was almost blocked because of the war that began in late February with a U.S.-Israeli offensive against Iran.

Anthony Albanese announced Thursday that he had secured diesel supplies for his country, which then had 38 days of fuel reserves, according to government figures, well below the minimum of 90 days required by the International Energy Agency (IEA).

The Australian government has ruled out rationing fuel but has urged citizens to save gasoline and favor public transportation.