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.