Australia ‘prepared to provide assistance’ in the strait of Hormuz, PM says, as ‘fragile’ opening expected to ease fuel prices

Anthony Albanese was in meeting of 49 countries to discuss key shipping route when news broke that Iran was reopening strait Get our breaking news email, free app or daily news podcast Australians can expect further falls in fuel costs but it could be a week before a dramatic drop in global oil prices translates to lower bills at the bowser. Global oil prices dropped about 10% early on Saturday after Iran declared overnight that the strait of Hormuz – a key route for oil shipments – would be open for the duration of a ceasefire between the country and the United States and Israel. The prime minister, Anthony Albanese, was in a meeting of 49 countries to discuss the opening of the key shipping route when news broke that Iran was opening the strait. “Freedom of navigation is essential for global trade,” Albanese said on Saturday. “We want to see, though, this fragile arrangement confirmed … We want the strait of Hormuz to be fully reopened for all countries permanently.” Australia remained “prepared to provide assistance”, the prime minister said, adding there would be a further conference held in London in the coming week. On Saturday the energy minister, Chris Bow