US Blockade of Strait of Hormuz Begins As New Talks Weighed

Good morning. The US has begun its own blockade of the Strait of Hormuz adding pressure on the fragile ceasefire. Meanwhile, the US and Iran are in discussions for another round of face-to-face discussions after talks failed over the weekend. Closer to home, millions of Aussies are set to retire over the next decade but hold serious concerns they may run out of money. — Paul-Alain Hunt, metals and mining reporter

Washington and Tehran are in discussions about holding another round of negotiations for a longer-term ceasefire, Bloomberg News reported, after talks in Islamabad led by Vice President JD Vance failed to produce a breakthrough. People familiar with the matter, who asked not to be identified discussing private deliberations, said the aim is to hold fresh talks before the existing ceasefire expires next week.

President Donald Trump’s military blockade of the Strait of Hormuz threatens to reduce the trickle of ships passing through to zero, heaping more pressure on energy-dependent countries around the world, including in Asia. WA may be about to establish its own fuel reserve, amid concern over the national reserve’s capability to meet mining and agricultural needs in the state. You can read our explainer about Australia’s low fuel stockpiles here.

Meanwhile, Inpex Corp., which operates a massive liquefied national gas project in Australia’s north has committed to send at least two cargoes of condensate — a light high-grade crude oil — to domestic refineries.

When will you retire, and are you worried about how much money you’ll have? If so, you’re not alone. About half of Aussies approaching retirement fear running out of money, according to the corporate regulator.