Fuel retailers will pass on the Government’s A$0.16/litre excise hike to motorists over time to account for existing inventory turnover and competition, multiple companies told the Australian Competition & Consumer Commission (ACCC) over the week to 3 July.

Average wholesale petrol prices rose by between A$0.14/litre and A$0.16/litre across Australia’s largest capital cities over 30 June – 1 July, largely because of the Government’s excise hike, data from the ACCC show.

But retailers only increased their average petrol prices by between A$0.02/litre and A$0.06/litre in most capital cities – except Perth – over the same period, ACCC data show. Petrol stations in Perth lifted their prices by A$0.16/litre, on average, between 30 June and 1 July.

Refiners and importers similarly boosted their average wholesale diesel prices by between A$0.13/litre and A$0.16/litre across large capitals over 30 June-1 July. Retailers, on the other hand, only raised consumer diesel prices by between A$0.02/litre and A$0.09/litre over the same period.

Retailers have raised consumer diesel and petrol prices across most Australian states – except Western Australia (WA) – since 1 July, but have not fully passed on the Government’s excise increase to motorists yet.

Diesel and Unleaded 91 octane petrol prices in New South Wales averaged A$1.71/litre on 5 July, up A$0.10/litre from 30 June and A$0.06/litre from 1 July, data from Government-run price monitor NSW FuelCheck show.

Retailers in WA’s metropolitan areas sold petrol for an average price of A$1.66/litre on 5 July, up A$0.01/litre from 1 July, data from price monitor FuelWatch and the ACCC show.

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Australia’s excise-driven fuel price rises come alongside national fuel reserve increases. Australia has 41 days’ worth of petrol reserves, 38 days’ worth of diesel reserves, and 34 days’ worth of jet fuel reserves, Energy Minister Chris Bowen told reporters on 4 July.

The country’s jet fuel and diesel reserves are up by five days and one day on the week, respectively, but its petrol reserves are down by three days on the week, Bowen added.

Ships carrying 3.6 billion litres of fuel – including diesel, petrol, jet fuel, and crude oil – will arrive in Australia over the next month, according to Bowen. Planned fuel deliveries are unchanged from a week ago.

By Avinash Govind

But iron ore markets have not reacted strongly to CMRG’s move because of limited visibility into negotiations between the state-owned buyer and Fortescue, a trader told Lithos on 2 July.

Fortescue sold 3.8 million tonnes of iron ore from its Chinese port-side stockpile in January-March – up 23% on the year – data from its March 2026 quarterly report show. The company’s Chinese port-side sales accounted for 7.9% of its total sales over the quarter.

Fortescue uses long-term sales contracts, port-side sales, and spot sales to support Chinese customers, the company said in its 2025 annual report. “China is the largest global importer of seaborne iron ore, making Fortescue’s business highly dependent on continuing demand from China’s steel industry,” it added.

But Fortescue is not alone. Chinese producers bought 83% of Australia’s iron ore exports in 2024, data from the Observatory of Economic Complexity (OEC) show. Iron ore exports to China accounted for 20% of Australia’s total exports in 2024, OEC data show.

CMRG’s move against Fortescue comes less than a year after it banned some BHP iron ore products for six months – from October 2025 to April 2026 – over a contract negotiation. Weeks after CMRG lifted its BHP product bans, the Australian producer agreed to change its ore pricing formula and offer shipping rebates to large Chinese buyers, Lithos understands.

The Chinese Government set up CMRG in 2022 to centralise iron ore purchases and support local steelmakers. It has negotiated industry-wide purchasing terms with global producers since then.

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The Australian Government did not announce any steps to support BHP during its dispute with CMRG, but expressed concern about the ban. “In one respect, [ore bans are] a matter for [BHP] to work through, and I’ll have discussions with [BHP CEO] Mike Henry about that in due course,” Treasurer Jim Chalmers said on 1 October.

“[But] I want to see Australian iron ore be able to be exported into China without hindrance. That is important. It makes a major contribution to China’s economy, but also to Australia’s,” Australian Prime Minister Anthony Albanese added on the same day.

By Avinash Govind

The Western Australia (WA) Government has launched its Fuel Support Payment scheme to provide a single A$100 cost-of-living relief payment to 2.3 million drivers across the state, it said on 1…

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The DCA will provide advice to local planning authorities on behalf of 22 state-level agencies, the Government said on 1 July. It will support local councils and the Department of Planning, Housing, and Infrastructure (DPHI) to assess development applications.

NSW Government agencies currently provide advice to planners on a centralised basis, which can lead to project delays. “When a development application is referred to multiple state agencies for advice, each additional referral can add around 100 days to the assessment process,” according to the Government.

The NSW Government has instructed the DCA to advise planners about transport, heritage, environmental, and mining issues. The agency will also help local government authorities develop planning policies and rezoning plans.

NSW’s government aims to increase Greater Sydney’s housing supply by 263,400 dwellings – relative to July 2024 levels – by June 2029. Authorities have approved 103,326 units for development and 60,025 units for construction in the city since July 2024.

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NSW planners have also increased Sydney-based housing development approvals since early 2026. They approved development applications for 11,158 dwellings in Greater Sydney over January-March 2026, up 4.5% on the year, largely because of two mixed residential and commercial projects in Marrickville and Cumberland.

Regulators approved another 10,132 dwellings for development in May 2026, up from 3,480 dwellings in May 2025, DPHI data show.

By Avinash Govind

The state’s scheme supports residents with WA-issued driver’s licenses, but not those with licenses from other states or territories, according to the Government. Drivers can opt to take the payment or donate it to charity.

“This payment is about immediate cost-of-living relief and helping with the pressures faced by families, workers, students, and retirees across the State,” Jessica Stojkovski, a WA cabinet minister, said.

“We also know many Western Australians are passionate about supporting their communities, which is why claimants have the option to donate their payment,” Stojkovski added.

WA’s average retail petrol and diesel prices rose in March because of the US-Israeli war in Iran. But they have since declined to pre-war levels because of Brent crude price movements and fuel excise cuts.

Unleaded petrol prices in WA’s metropolitan regions averaged A$1.64/litre on 1 July, down from A$1.65/litre in February and A$2.23/litre in March, data from price monitor FuelWatch show. Diesel prices similarly averaged A$1.79/litre on 1 July, down from $1.81/litre in February and A$2.59/litre in March, FuelWatch data show.

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WA’s average retail fuel prices could rise over the next few days. The Australian Government lifted the country’s fuel excise rate from A$0.21/litre to A$0.37/litre on 1 July, as part of a plan to wind back its fuel excise cut.

But this may be temporary. Brent crude futures prices – which influence refined fuel prices – fell to pre-Iran war levels for the first time on 1 July. Futures traded at $71.33/barrel on 1 July, down from $72.87/barrel on 27 February, immediately before the Iran war began.

By Avinash Govind

Competing businesses can coordinate measures that help Australia respond to and recover from Iran war-related fuel supply issues, the ACCC said in a competition waiver on 30 June. Protected coordination measures can impact purchase price decisions – likely including fuel shipment bids – but not sales price decisions, according to the waiver.

The ACCC will approve non-government-led coordination meetings, oversee meeting participation lists, and approve coordination plans, the competition watchdog said. It also has the right to attend non-government-led coordination meetings.

The ACCC has allowed members of the Australian Institute of Petroleum (AIP) – including BP, Ampol, Mobil, and Viva Energy – to engage in limited coordination since late March, under an interim waiver.

“But [the waiver] does not extend to sharing commercially sensitive price information or any coordination, agreement or discussion in relation to the prices of fuel products,” the ACCC said on 20 March.

It primarily covers measures around information sharing, schedule coordination, and the use of Australia’s existing storage and refining capacity.

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The ACCC’s expanded waiver comes one day before the Australian Government begins to wind back its fuel excise cut. The Government cut Australia’s fuel excise rate from A$0.53/litre to A$0.21/litre in early April. But it will increase the levy to A$0.37/litre on 1 July and A$0.53/litre on 1 August.

Retail diesel prices averaged A$1.80/litre across the country’s five largest cities on 24 June, up just A$0.035/litre from 20 February, before the US-Israeli war in Iran began, ACCC data show. Petrol prices averaged A$1.57/litre across the five cities that day, down from A$1.71/litre on 20 February.

Australian fuel prices have declined in recent weeks because of the Government’s excise cut and global oil price declines. Brent crude futures last traded at $74.28/barrel (A$107.86/barrel) on 30 June, up slightly from $71.76/barrel on 20 February, but down from a peak of $114.44/barrel on 4 May.

By Avinash Govind

Singapore’s petroleum output fell on the year in March and April by 20% and 30%, respectively, EDB data show.

The country’s oil refiners also cut their real oil exports in May, data from Enterprise Singapore indicate. Singapore’s domestic petroleum exports rose – in nominal terms – by 16% on the year in May, but its export oil price index rose by 62% on the year that month.

Australia and New Zealand each rely on Singaporean refiners for 32% of their petroleum imports, according to Prime Minister Anthony Albanese and the Observatory of Economic Complexity.

The Singaporean Government has pledged to avoid restrictions on essential supply exports to Australia and New Zealand, under agreements signed in April and May, respectively.

Diplomats from the three countries – along with the other signatories of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement – have also instructed officials to upgrade parts of the trade deal to support supply chain resilience, they said in a joint statement released on 26 June.

“[Officials will additionally] explore areas for practical cooperation and timely information exchange, as appropriate, to support market confidence and mitigate risks of supply disruption,” they added.

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Australia had 44 days’ worth of petrol reserves, 37 days’ worth of diesel reserves, and 29 days’ worth of jet fuel reserves on 27 June, Energy Minister Chris Bowen told reporters. The country’s fuel reserves are well within the range of a good, solid supply, Bowen said.

New Zealand had 33 days’ worth of petrol reserves, 25 days’ worth of diesel reserves, and 32 days’ worth of jet fuel reserves on 24 June, data from the Ministry of Business, Innovation, and Employment (MBIE) show.

Ships carrying 20 days’ worth of petrol, 25 days’ worth of diesel, and 29 days’ worth of jet fuel are set to arrive in New Zealand over the three weeks from 24 June.

By Avinash Govind

Ships carrying 3.6 billion litres of fuel – including diesel, petrol, jet fuel, and crude oil – will arrive in Australia over the next month, Energy Minister Chris Bowen told reporters on 27 June. Planned fuel deliveries are down from 3.9 billion litres a week ago.

Australia’s diesel and jet fuel reserves have also declined over the last week, but are well within the range of a good, solid supply, Bowen said. They remain above pre-Iran war levels, Bowen added.

Australia has 37 days’ worth of diesel reserves and 29 days’ worth of jet fuel reserves, down from 39 days’ and 32 days’ worth of reserves a week ago, respectively. The country has 44 days’ worth of petrol reserves, unchanged from a week ago.

Australia’s fuel reserve and planned import declines come alongside an uptick in violence around the Strait of Hormuz.

Iranian forces shot missiles at two oil tankers – the Singapore-flagged Ever Lovely and Marshall Islands-flagged Kiku – near the Strait of Hormuz on 26 June and 27 June, respectively, reports from the United States Central Command (Centcom) and United Kingdom Maritime Trade Operations Centre (UKMTO) indicate.

Ever Lovely has since transited through the Strait with minor bridge damage, the Maritime and Port Authority of Singapore (MPA) said on 26 June. The attack on Ever Lovely was unprovoked, unjustifiable, and a breach of international law, MPA added.

US forces have responded to Iran’s ship attacks with airstrikes targeting military infrastructure and communication systems, Centcom said on 27 June. “Commercial vessel transits through the Strait of Hormuz continue [, and US] forces remain vigilant, lethal, and ready,” Centcom added.

Iranian and US actions around the Strait of Hormuz could reverse recent Brent crude futures price trends. Brent crude futures last traded at $71.99/barrel on 26 June, down from $72.87/barrel on 27 February, immediately before the US-Israeli war in Iran began. Futures prices have declined in recent weeks because of US-Iranian peace negotiations.

The Australian Government has called on the US and Iran to resolve the US-Israeli war in Iran.

“We just want this dispute to be ended. We want this dispute to come to a close so the world can go back to normal, to much more normal arrangements. Again, we call on all sides to see this dispute resolved,” Bowen said.

By Avinash Govind

Unemployment increased on the year across most states in May, data from the Australian Bureau of Statistics (ABS) show. But it remained steady in Queensland, at 3.7%, ABS data show.

Tasmania has the highest unemployment rate in Australia. The state’s seasonally adjusted unemployment rate has increased over the last year, from 4% in May 2025 to 5.3% in May 2026. It also increased by 0.3% points in May, from 5% in April, despite a drop in Australia’s national unemployment rate over the same period.

Australia’s unemployment rate may have declined on the month in May because of increased economic activity and confidence. Business confidence, future orders, and capital spending rose over the month, data from NAB’s Monthly Business Survey show.

Consumers’ 12-month forward economic expectation also increased by 4.9% in May, data from the Westpac-Melbourne Institute Consumer Sentiment Index report show. But their forward personal financial expectations dropped by 8.5%.

“[Business] conditions have eased since early 2026 but remain positive, and they are not as weak as confidence suggested a month ago. That supports the view that economic growth has slowed since late 2025 but is still moving,” NAB Head of Australian Economics Gareth Spence said on 9 June.

Increased economic activity could create challenges for the Reserve Bank of Australia (RBA).

“[Australia’s] unemployment rate will drift up and activity has to slow. That is part of what is going to bring inflation down,” RBA Governor Michele Bullock told reporters on 16 June, when the bank’s Monetary Policy Board voted unanimously to hold its cash rate target at 4.35%.

The Board held the RBA’s cash rate target steady to assess the economic impact of recent rate hikes and oil supply disruptions, Bullock said. But it is prepared to increase the bank’s cash rate target at future meetings to combat inflation, Bullock added.

Australia’s annual consumer inflation rate reached 4% in May, down from 4.2% in March, ABS data show. But its annual trimmed mean inflation rate – which excludes the largest positive and negative inflation contributors – rose from 3.4% in April to 3.6% in May.

By Avinash Govind

The Australian Competition & Consumer Commission (ACCC) and Australian Energy Regulator (AER) will advise Energy Minister Chris Bowen on electricity pricing structures because he raised concer…

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But its annual trimmed mean inflation rate – which excludes the largest positive and negative inflation contributors – rose from 3.4% in April to 3.6% in May, ABS data released on 24 June show. Australia’s annual trimmed mean inflation rate last hit 3.6% in September 2024.

Fuel prices increased by 7.7% on the year in May, down from 19% in April, largely because of Australia’s reduced fuel excise rate and a drop in Brent crude futures prices over the second half of the month.

Brent crude futures traded at $94.98/barrel (A$137.69/barrel) on 1 June, down from $108.17/barrel on 1 May, data from Trading Economics show. Futures prices have declined further in recent weeks, largely because the US and Iran signed an initial peace deal on 15 June.

Brent crude futures last traded at $73.57/barrel on 24 June, just $0.70/barrel above pre-Iran war levels. But retail petrol costs dropped below pre-Iran war levels in six of Australia’s eight territorial capitals over the week to 10 June – before the US and Iran announced their initial peace deal – according to the Australian Competition & Consumer Commission (ACCC).

Australian electricity prices rose by 21% on the year in May, down slightly from 23% in April, ABS data show. Electricity was the largest contributor to Australia’s annual goods inflation rate of 4.2% in June.

The ACCC and Australian Energy Regulator (AER) will advise Energy Minister Chris Bowen on electricity pricing structures because he raised concerns about electricity inflation last week.

“[ACCC] will work with the energy regulator to provide … advice [about electricity pricing] … We will draw on [customer and retailer pricing data] to understand the impact of changes in electricity pricing on consumers,” an ACCC spokesperson told Lithos on 24 June.

By Avinash Govind

“[ACCC] will work with the energy regulator to provide … advice [about electricity pricing] … We will draw on [customer and retailer pricing data] to understand the impact of changes in electricity pricing on consumers,” an ACCC spokesperson told Lithos on 24 June.

The ACCC and AER will also consider the regulatory implications of pricing changes based on electricity-specific legislation, including the Prohibiting Energy Market Misconduct provisions of the Competition and Consumer Act, the spokesperson added.

Minister Bowen wrote to the Chairs of the ACCC and AER to request advice about increased market offer prices late last week.

Retailers plan to increase daily electricity supply charges for some customers on non-default plans ahead of 1 July, despite falling electricity procurement costs, Bowen wrote.

“I … would welcome joint advice from the AER and the [ACCC] to inform my response to changes in pricing structures,” he added.

Australian electricity prices rose by 21% on the year in May, down slightly from 23% in April, data from the Australian Bureau of Statistics (ABS) show. Electricity was the largest contributor to Australia’s annual goods inflation rate of 4.2% in May, according to the ABS.

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Australian East Coast households on default electricity plans will face lower electricity prices in the 2026-27 fiscal year because of price caps set by the AER and the Victorian Essential Services Commission.

Around 63% of Australian households were on electricity plans that are at least as cheap as default plans in 2025, according to the Australian Competition and Consumer Commission. But all retailers are required to offer customers default plans.

Wholesale electricity and environmental regulatory costs are expected to fall in every region regulated by AER and VESC, according to the two bodies. Electricity prices are set to decline because of increased wind generation and battery storage, while environmental regulatory costs may dip as a result of low environmental credit prices.

Many electricity retailers need to buy Large-scale Generation Certificates (LGCs) – equivalent to 1MWh of renewable generation – from utilities to meet legal climate obligations.

But LGC spot prices have collapsed over the last year because of increased renewable supply. They traded at A$2.90 on 31 March 2026, down from A$22.50 a year earlier, according to Australia’s Clean Energy Regulator (CER).

By Avinash Govind

Australian petroleum producer Viva Energy will run its Geelong refinery, in Victoria, at 90% of its normal processing capacity from next week – following a late April fire – because of the res…

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But the company will not fully restore Geelong’s production capacity until the end of 2027 because of damage to a gas-to-gasoline converter at the refinery, it told investors on 23 June.

Viva Energy has run Geelong at 80% of its jet fuel capacity and 60% of its petrol capacity since a fire on 15 April.

The company’s Residue Catalytic Cracking Unit (RCCU) at Geelong, which converts crude oil into refined petroleum products, has been offline since the incident. But it will come back online next week, it said. The RCCU restart will allow Viva Energy to convert a greater portion of intermediate products into refined oils, it added.

Viva Energy’s Geelong plant usually supplies Australia with about 10% of its refined fuel needs. It has also stored 90 million litres of diesel at the site since 2024 to support Australian fuel security.

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The Australian Government partnered with Viva Energy to buy 100 million litres of fuel from Brunei and South Korea on 16 April. Under a month later, on 15 May, it helped Ampol, Viva Energy, and IOR secure 150 million litres of diesel to support customers in South Australia, Tasmania, Queensland, and Victoria.

Australia has 44 days’ worth of petrol reserves, 39 days’ worth of diesel reserves, and 32 days’ worth of jet fuel reserves, Energy Minister Chris Bowen said on 20 June. Its petrol, diesel, and jet fuel reserves are at their second-highest level on record, but down on the week.

By Avinash Govind

The company will also fully draw down another A$1.25 billion loan facility from EFA at the end of 2026 to support construction work at Eneabba, which is set to open in mid-2027, it told investors on 23 June.

The Australian Government approved the A$1.25 billion and A$400 million loans to Iluka – at a 3% premium to floating rates – in March 2022 and December 2024, respectively. But Iluka had to pre-sell rare earth oxides from Eneabba to access the second loan.

Iluka met its loan offtake conditions in late June, when it agreed to sell 10% of Eneabba’s output over 2028-2032 to a carmaker based in a ‘like-minded nation.’ The deal will generate at least $155 million (A$223 million) of revenue, from 1200t of oxide sales, because it includes price floor provisions, the company told investors.

Iluka has agreed to invest A$414 million in Eneabba and use its one-million-tonne stockpile of rare-earth-rich mineral sands to support the refinery in exchange for the two Australian Government loans.

The company will manufacture both light and heavy rare earth oxides at Eneabba. Australian manufacturer Lynas – which runs a rare earth oxide plant in Malaysia – is currently the only commercial-scale producer of separated heavy rare earth oxides outside China.

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Australia has zero operational rare earth oxide plants. But Lynas uses rare earth feedstock from its Mt Weld mine in Western Australia to produce a suite of oxides at its Malaysian refinery.

Two producers, Arafura Rare Earths and Australian Strategic Materials (ASM), also plan to develop joint rare-earth mines and refineries with Government funding support.

Arafura’s board approved its Nolans project in late May, but ASM has not secured full funding for its Dubbo project. Arafura aims to start construction work on Nolans in September 2026, the company said on 21 May.

By Avinash Govind

Inghams – Australia’s largest poultry producer – runs farms and grower networks in southern WA, around 690 – 770 kilometres from the detections, the company told investors on 22 June.

Inghams continues to supply chicken to the Australian market as usual, the company added. But it has closed its farms and processing plants to non-essential workers as a precautionary measure.

H5N1 outbreaks pose a major threat to poultry producers. The virus has infected 207 million American birds across 1023 backyard flocks and 1028 commercial flocks since February 2022, data from the US Department of Agriculture show.

Outbreaks also pushed up American retail egg prices by about 9% in 2024, according to estimates from researchers at the University of Arkansas.

“The Australian Government is well prepared for a potential outbreak of H5 bird flu, with well-established national response arrangements in place to respond to emergency animal diseases, including H5 bird flu,” Collins said after an initial detection on 20 June.

It has also run a series of simulations to prepare for potential H5 outbreaks since 2024, according to Collins.

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The National Farmers Federation (NFF) is working with the Australian Government to respond to the WA outbreak. It has urged farmers to review their biosecurity plans and remain vigilant.

“Australia has successfully managed other avian influenza strains in recent years, and the risk to humans remains low,” NFF President Hamish McIntyre said. “[But] it’s important to prepare for the worst and hope for the best. Right now, preparedness and vigilance are our strongest tools,” McIntyre added.

Inghams has requested permission from Australia’s Chief Veterinary Officer to temporarily house free-range chickens indoors at its WA farms, without adjusting its product labels, it said.

By Avinash Govind

“This is a firs…

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“This is a first step as a response to the enemy’s breach of promise, and if the aggression continues, further steps will be planned and taken,” the Iranian Consulate-General in Hyderabad said late on 20 June, in a social media post.

The US Central Command (Centcom) has rejected Iran’s claims. Commercial ships continue to move through the Strait of Hormuz, Centcom said in a statement early on 21 June. But no ships appeared to pass through the Strait later in the day, according to signalling data from MarineTraffic.

“[Iran] and the United States of America, and their allies in the current war … declare the immediate and permanent termination of military operations on all fronts, including in Lebanon,” the two nations agreed in an initial peace deal on 18 June.

But the Israeli Government plans to occupy parts of Lebanon indefinitely. The Israeli Defence Force (IDF) will remain in security zones in Lebanon, Syria, and Gaza, without any time limit, Israeli Defence Minister Israel Katz told Israeli news outlets on 15 June.

There is no restriction on IDF soldiers operating to remove threats in Lebanon, Katz told outlets late on 21 June.

Israel’s military operations in southern Lebanon have angered the Trump Administration over the last week. “Israel’s fighting Hezbollah too long and too many people are being killed,” US President Donald Trump said on 17 June. “You don’t have to knock down an apartment [block] every time you’re looking for somebody,” Trump added.

By Avinash Govind

“This is more temporary support that will help take the sting out of petrol prices and help Australians with the cost of living,” the Government said in a statement on 21 June.

The Australian Government cut the country’s fuel excise rate by A$0.32/litre, from A$0.53/litre to A$0.21/litre, for three months in early April because of oil price increases linked to the US-Israeli war in Iran.

Brent crude futures prices rose from $72.87/barrel on 27 February – immediately before the Iran war began – to a peak of $114.44/barrel on 4 May. But Australia’s fuel excise cut has likely curbed transport inflation in recent months.

Retail petrol costs dropped below pre-Iran war levels in six of Australia’s eight territorial capitals over the week to 10 June – before the US and Iran announced an initial peace deal on 15 June – according to the Australian Competition & Consumer Commission (ACCC).

Australia’s annual consumer inflation rate reached 4.2% in April, down from 4.6% in March, largely because of an excise cut-driven drop in diesel and petrol prices, data from the Australian Bureau of Statistics (ABS) show.

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Brent crude futures prices have declined over the last week. Futures traded at $80.59/barrel on 19 June, before markets closed for the weekend. But the Australian Government has warned that oil prices may not immediately fall to pre-Iran war levels.

“There is a great deal of uncertainty about how long it will take before normal [oil] trade resumes [following the signing of an initial US-Iran Peace Deal]. And when you have a disruption to trade, you have an increase in price,” Prime Minister Anthony Albanese said on 20 June.

“Yesterday, I met the global head of Shell … – Sir Andrew Mackenzie – … [and] they’re concerned, as is the world, about the consequences and how long it takes for the proper reopening [of the Strait], and the consequences for prices that will occur,” Albanese said two days earlier.

By Avinash Govind

The US Department of the Treasury will waive all sanctions on Iranian crude oil and petroleum exports – including banking, insurance, and transport sanctions – as part of an initial peace agre…

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