Canberra [Australia], April 18 (ANI): Australian Prime Minister Anthony Albanese on Friday (local time) welcomed the reopening of the Strait of Hormuz and cautioned that prolonged conflict in the region could have serious consequences for the global economy and energy markets.

In a post on X, Albanese said he participated in a virtual Leaders' Summit on the Strait of Hormuz co-hosted by French President Emmanuel Macron and UK Prime Minister Keir Starmer, where discussions focused on stabilising the key maritime corridor.

https://x.com/AlboMP/status/2045265967413113040

'Overnight, I joined a virtual Leaders' Summit on the Strait of Hormuz co-hosted by President Macron and Prime Minister Starmer. Australia has consistently called for an end to this conflict. The longer the war goes on, the more significant the impact on the global economy will be, and the greater the human cost.'

He highlighted that Australians were already feeling the effects of regional instability.

'Australians are feeling the impact on fuel supply and prices and we are working to shield families from the worst of it,' he said.

Albanese also expressed support for diplomatic efforts aimed at restoring stability in the region.

'Australia stands ready to support efforts to restore stability and security in the Strait of Hormuz and I welcome the announcement overnight of the Strait's reopening. We want to see this hold.'

The remarks come after Iran announced that commercial shipping through the Strait of Hormuz would remain 'completely open' during a 10-day ceasefire period.

Iranian Foreign Minister Abbas Araghchi had said, 'In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Republic of Iran.'

US President Donald Trump also confirmed the reopening, saying the waterway was 'fully open' and 'ready for full passage,' though he maintained that the US naval blockade on Iran would remain until a final agreement is reached.

The Strait of Hormuz, a vital global energy chokepoint handling around 20 per cent of the world's oil and gas shipments, has remained central to geopolitical tensions following recent regional escalations. (ANI)