Australia, Singapore sign deal to safeguard energy supplies

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MELBOURNE: Australia and Singapore have signed a landmark agreement to safeguard ‘key energy supplies’ as regional tensions amid the US-Israeli war on Iran trigger a global supply crunch. The coordination deal focuses on diesel and liquefied natural gas (LNG) following the closure of the Strait of Hormuz.

“We are committed to working together to strengthen energy supply chain resilience, including by deepening regional cooperation, accelerating renewable energy transition, addressing unjustified import and export restrictions, and maintaining open trade flows,” the statement said.

The move comes as Prime Minister Anthony Albanese engages with Asian leaders over cancelled fuel shipments. With a fifth of the world’s oil exports transiting the now-closed strait, countries are scrambling to secure remaining stock.

By formalising this partnership, both nations aim to ensure ‘uninterrupted trade’ despite the escalating conflict.