The Coalition welcomes reporting that an agreement to reopen the Strait of Hormuz and end the fighting may be signed later this week.
We want to see the detail, because the precise terms will matter, but Australia's interests are clear.
The Strait of Hormuz must be reopened as soon as possible and freedom of navigation must be restored.
This is a vital trade route for the global supply of energy, fertilisers and other essential commodities.
While trade through the Strait is under threat, Australian families and businesses will continue to pay the price through higher fuel costs, higher energy costs and more pressure on an already painful cost of living crisis.
A lasting agreement must be more than a pause in the fighting. It must be durable, enforceable and backed by real action to keep this vital corridor open.
For stability to be restored, any agreement must reopen global fuel supply, guarantee regional security and ensure Iran cannot continue to threaten its neighbours with nuclear weapons or hold the world economy hostage.
We condemn Iran's unprovoked strikes on its Gulf neighbours, its targeting of civilians and non-military infrastructure, as well as its unrelenting use of proxies and state-backed terrorism to spread violence across the world, including in Australia.
We condemn the Iranian regime's apocalyptic pursuit of a nuclear weapons program to endanger Israel, the region, and the world. And we condemn the regime's coldblooded oppression of the Iranian people, who have struggled for decades to reclaim their basic human rights and a better future for their next generations.
European nations have made clear that, once the fighting stops, they are willing to send their navies to help keep the Strait open.
These decisions will have real consequences for Australia, our economy and our region.
That is why it is deeply disappointing that, unlike last year, Prime Minister Albanese failed to secure an invitation to this year's G7 Leaders Summit in France which is taking place this week.
At a time when decisions are being made that will affect Australian fuel prices, energy security and regional stability, Australia should be at the table.
The Coalition supports serious efforts to deescalate the conflict, reopen the Strait of Hormuz and restore stability in the Middle East. Australia must stand with our partners, defend freedom of navigation and protect Australians from the worst impacts of global instability.
