What Trump’s Hormuz blockade means for fuel, oil and Australia
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What is the main topic discussed in this episode?
Welcome to Fear and Greed, business news you can use. Today, the federal government works to calm nerves about the US blockading the Strait of Hormuz. Department store David Jones feels the pressure of slower consumer spending and 80% of Australians report having long-term health conditions. Plus, two ASX mergers get a kick along and the cost of the annoyance economy. It is Tuesday, the 14th of April, 2026. I'm Michael Thompson and good morning, Sean Aylmer. Good morning, Michael. Sean, the main story this morning, a potential blockade of the Strait of Hormuz would not affect fuel supplies that Australia has secured until the end of May.
What is the significance of the US blockade of the Strait of Hormuz?
But after that, after that, there are no guarantees. According to Energy Minister Chris Bowen, the country still has... Two months' worth of oil, petrol and diesel, Bowen said, but when it comes to June and July, the government will need to manage things tightly. On Sunday night, President Donald Trump said the US would blockade the Strait after Iran refused to give up its nuclear ambitions in failed peace talks over the weekend.
Yes, Prime Minister Anthony Albanese is battling hard to ensure we have enough oil and diesel coming into the country. He's clearly getting frustrated with what's going on in Washington. The Prime Minister, who this week will visit Brunei and Malaysia to reaffirm contracted supplies of fuel and fertiliser, said the decision to blockade the vital shipping route was like the decision to attack Iran in the first place. Made without consulting allies. Yep. He told the Nine's Today show, and I quote, they've made this announcement overnight and they've done that in a unilateral way. We haven't been asked to participate, end quote. He went on to say he wakes up in the morning, checks his social media to see what Donald Trump said, and that's kind of how he finds out about it.
He said that Trump's ever-changing position is having an impact on I think it's really interesting. I mean, Anthony Albanese is joining Emmanuel Macron, joining many global leaders now who are openly critical of the way Donald Trump is running things, particularly around the Middle East.
He seemed to take longer than others though. It felt as though he was a lot more careful for a lot longer, but it's just reached this point now where it's just like, okay.
Yeah. Although I would argue, I mean, the EU haven't gotten there yet. Okay. I don't think the UK, I think Keir Starmer's getting there, but hasn't quite gotten there yet. Certainly France has gotten there. Yeah. Spain got there weeks and weeks ago, but they never weren't there.
So the US Navy has theoretically now taken control of the Strait. Donald Trump said the blockade would restrict Iran's access to money. But there's still a bit of confusion, isn't there, essentially over how complete the blockade is with the US military's central command saying that it only applies to vessels entering or departing Iranian ports.
How will the blockade impact Australia's fuel supply?
It's not the full straight. We think. Maybe.
Maybe. Possibly. Yeah. And that's a problem in itself. I mean, I suppose the good news is the ceasefire is holding, sort of. I mean, Park, Lebanon, there's fighting going on in Lebanon. But otherwise, the ceasefire is kind of holding. Trump yesterday said he didn't care if Iran returned to negotiations, adding that they failed because Tehran hadn't given up its nuclear ambitions. Now- Historically, Tehran always puts on the table its nuclear ambitions. And there is a way around it. And in fact, David Bassanese from BetaShares in the newsletter this morning, we quote him saying a way around it is you just sort of have to take it face value, them saying we won't build a nuclear bomb. And that's how it's kind of been done for decades now.
Yeah. So we'll have to see how that goes. Iran, for its case, said it showed goodwill in the failed peace talks. The US blockade would have no effect. Its foreign minister said the two sides were inches away from a deal. But then the goalposts, goalposts, shifted, and his inference there was that the U.S.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:06–0:44
2
What is the significance of the US blockade of the Strait of Hormuz?
0:44–3:01
3
How will the blockade impact Australia's fuel supply?
3:01–4:13
4
What are the implications of Trump's decision on global oil markets?
4:13–5:28
5
How are Australian leaders responding to the US blockade?
5:28–17:04
Speakers
2 identifiedMore from FEAR & GREED | Business News
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