Singapore, Australia to step up efforts to safeguard oil, LNG trade

Singapore and Australia will step up efforts to ensure the steady trade of key goods, including diesel and liquefied natural gas (LNG), and strengthen their supply chain resilience, both countries' leaders said

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In a joint statement, Prime Minister Lawrence Wong and his Australian counterpart Anthony Albanese expressed "deep concern" over the situation in the Middle East and its consequences for their region, including the impact on energy supply chains and prices.



The US-Israeli conflict with Iran has damaged energy infrastructure in Gulf states like Qatar, a key exporter of LNG, and effectively shut the Strait of Hormuz - where about a fifth of global oil and LNG normally transits.



The disruptions have led to concerns about their impact on global energy supplies.