The Governments of Australia and Singapore have agreed to enhance cooperation on energy supply chains as both nations respond to global disruptions caused by escalating conflict in the Middle East.
In a joint statement, the two countries expressed concern over the impact of the crisis on global energy markets, particularly the disruption of oil and gas flows through key routes such as the Strait of Hormuz. Both nations, heavily reliant on energy imports, emphasised the need to ensure stable and resilient supply chains.
The agreement focuses on maintaining the flow of essential energy commodities, including petroleum products such as diesel and liquefied natural gas (LNG), between the two countries. The collaboration also aims to strengthen overall energy security and support regional stability amid ongoing volatility in global fuel markets.
The move comes as oil prices surge and supply concerns intensify, leading to rising fuel costs and shortages in some areas. In Australia, authorities have urged consumers to avoid panic buying, even as some petrol stations report temporary supply constraints.