Australian Prime Minister Anthony Albanese welcomed Iran's reopening of the Strait of Hormuz on Saturday, while warning that the situation remained unstable. This decision comes amid heightened tensions related to the Middle East conflict, which has severely disrupted global energy flows.
“This is positive news,” the Prime Minister declared from Sydney, after participating remotely in an international summit of some 30 countries. He nevertheless stressed the uncertain nature of this lull, stating his hope that it “will last,” while emphasizing that the consequences of the crisis will be long-lasting.
The reopening of the strait, through which a significant portion of global oil and gas trade passes, immediately led to a drop in crude oil prices on the markets. Iranian Foreign Minister Abbas Araghchi confirmed that the passage of commercial vessels was "fully open" for the duration of the current ceasefire.
Despite this apparent easing of tensions, Iranian authorities quickly tempered optimism. The Speaker of Parliament, Mohammad Bagher Ghalibaf, warned that traffic through the Strait could be disrupted again if US sanctions on Iranian ports continued, illustrating the fragility of the situation.
Highly dependent on hydrocarbon imports transiting through this strategic waterway, Australia has been particularly affected by the disruptions. The country recently had only 38 days of fuel reserves, well below the 90 days recommended by the International Energy Agency.
Faced with this vulnerability, the Australian government has ruled out any rationing measures for the time being, but is calling on the population to limit their fuel consumption and to favour public transport, pending a lasting stabilization of the global energy situation.
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