\n<\/p>\n
Australia\u2019s foreign affairs minister, Penny Wong, has urged the US and Iran to continue the ceasefire and return to negotiations quickly, after peace talks failed to secure a deal<\/a> or the re-opening of the strait of Hormuz.<\/p>\n Historic face-to-face meetings<\/a> in Pakistan \u2013 marking the highest-level of direct engagement between Washington and Tehran in decades \u2013 seemingly broke down<\/a> after a marathon 21-hour first day of talks.<\/p>\n Wong said it was \u201cdisappointing\u201d the parties could not reach an agreement in Islamabad.<\/p>\n \u201cThe priority now must be to continue the ceasefire and return to negotiations. We continue to want to see a swift resolution to this conflict,\u201d Wong said.<\/p>\n \u201cAny escalation in the conflict would impose an even greater human cost and further impact the global economy.\u201d<\/p>\n The US vice-president, JD Vance, departed Pakistan\u2019s capital on Sunday afternoon AEST empty-handed, saying he did not receive assurances from Iran it would not seek to restore its capabilities for building a nuclear weapon before leaving.<\/p>\n \u201cWe\u2019ve made very clear what our red lines are,\u201d Vance said.<\/p>\n Iranian state media said that \u201cexcessive\u201d US demands had hindered reaching an agreement and that negotiations had ended.<\/p>\n The conflict in the Middle East \u2013 and particularly the blockade of the strait of Hormuz \u2013 has been wreaking havoc on global trade supplies.<\/p>\n The Albanese government has repeatedly warned the impacts of war, even if or when the strait was reopened, would be felt for months.<\/p>\n On Sunday, the treasurer, Jim Chalmers, warned the pressure on households \u201cwon\u2019t just disappear the moment the ceasefire sticks or the day the strait of Hormuz is properly opened\u201d.<\/p>\n \u201cEven after the drones stop it will take some time to get the global economic show back on the road, and that matters a lot for us as we put a budget together,\u201d he said.<\/p>\n \u201cThe stakes are pretty high and so we approach this oil shock and its aftershocks with a lot of hard work and humility.\u201d<\/p>\n The infrastructure minister, Catherine King, said the success of talks between the US and Iran was the \u201cbest chance\u201d at bringing down fuel prices<\/a>, but added the government would consider additional help for Australians in the lead up to the budget.<\/p>\n