PM 'very worried' about Iran war escalation

Australian Prime Minister Anthony Albanese voiced significant apprehension regarding fresh US strikes on Iran and the potential for further escalation of the conflict. He emphasized the profound difficulties global markets face in navigating the volatile situation, particularly in response to President Donald Trump's repeated announcements about peace deals.

"We're very worried both about the human impact of course that comes with war, but also the economic impact, that is having a massive impact on the global economy, will get worse rather than better," Albanese told the ABC. The conflict, now in its third month, is creating substantial economic repercussions worldwide.

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We're very worried both about the human impact of course that comes with war, but also the economic impact, that is having a massive impact on the global economy, will get worse rather than better.

Albanese also pointed to the challenges markets face due to the shifting statements surrounding peace negotiations. He noted that while President Trump has expressed a desire to end the conflict, the frequent changes in declarations about resolutions create uncertainty. "Strait of Hormuz has opened. Then a couple of hours later it's closed, then it's open, then it's closed," he illustrated, underscoring the unpredictable nature of the situation.

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Strait of Hormuz has opened. Then a couple of hours later it's closed, then it's open, then it's closed.

US House Speaker Mike Johnson, however, described the recent US strikes as "proportional and limited," targeting Iran's radar, missile, and command-and-control sites. He stated the actions were defensive in nature, taken in response to Iran striking US assets and personnel. "We can't allow that, so we're going to have to take care of this business," Johnson told reporters.

Australia has consistently called for a permanent ceasefire in the conflict. The ongoing tensions, including Iran's military's vow to respond to any attack or threat, and the Islamic Revolutionary Guard Corps' claim of attacking a US Navy base in Bahrain, contribute to the precarious regional stability and global economic unease.

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It is defensive in nature. We lament that has become necessary. Iran struck US assets and personnel. We can't allow that, so we're going to have to take care of this business.