Australia news live: Penny Wong warns Middle East ceasefire is ‘fragile’; Albanese heads to Singapore after Brunei talks

The prime minister will hold talks with his opposite number to shore fuel supplies

• Get our breaking news email, free app or daily news podcast

Penny Wong says the US-Iran ceasefire is fragile but must hold for the sake of the world economy and energy markets.

Speaking on ABC’s 7.30, the foreign minister said there were obvious differences between the two parties but the potential downsides to the truce failing meant it was imperative that it worked.

This ceasefire is fragile, there’s no doubt about that. The ceasefire is fragile but the world does need it to hold. There are obviously substantial points of difference between the parties. But I think we all know that the damage that is happening to the global economy, to global energy markets, means that the world does need this ceasefire to hold.

And you know, I spoke early on to Singapore, to Korea, to Malaysia, the Prime Minister, as you said, is going to Singapore, we’ve seen one announcement already and we will continue to work with them. I spoke to the Japanese foreign minister just before this interview, we want to keep engaging with our counterparts, because this is a very large shock to global energy markets, and one that will continue to have an effect.

I can understand people being really concerned about what is happening on global markets and what has happened in the Middle East, and the way this has escalated, which is why we have been saying for some time, it’s time for de-escalation.