Prime Minister Anthony Albanese will shortly speak to reporters after joining a virtual summit of about 50 countries on Friday evening, hosted by France and the United Kingdom.
The meeting aimed to establish support for a fragile ceasefire in the region following the US-Israeli war against Iran and ensure shipping routes reopen through the strait, under the banner of the Strait of Hormuz Maritime Freedom of Navigation Initiative.
Mr Albanese joined the meeting intending to highlight the need for de-escalation and a swift resolution to the conflict - something he said Australia had consistently called for.
The prime minister also expressed how acutely Asia was feeling the impact of disruptions, with the vast majority of oil that previously passed through the strait bound for the region.
"Australia and our Indo-Pacific partners are experiencing first-hand the impact of unprecedented disruptions to energy supply chains and impact on oil and fuel prices," Mr Albanese said before the meeting.
"Here in Australia, we are working around the clock to shield Australians from the worst of the impacts."
Mr Albanese formally backed co-ordinated international diplomacy to help resolve the conflict, noting the longer the war went on, the greater the human cost and the more significant its impact on the global economy.
He and Energy Minister Chris Bowen are set to speak to reporters in Sydney on Saturday morning while Deputy Prime Minister Richard Marles will meet with his Japanese counterpart in Melbourne.
Iranian Foreign Minister Abbas Araqchi posted a message on X around the time of the meeting declaring the Strait of Hormuz "completely open".
French President Emmanuel Macron and UK Prime Minister Keir Starmer welcomed the Iranian statement but said the reopening must become permanent.
Mr Macron and Mr Starmer said a meeting of military planners would take place in London next week as part of a bid to create an international mission to restore maritime security.
But US President Donald Trump told NATO allies to "stay away".
"Now that the Hormuz Strait situation is over, I received a call from NATO asking if we would need some help," Mr Trump posted on Truth Social.
"I TOLD THEM TO STAY AWAY, UNLESS THEY JUST WANT TO LOAD UP THEIR SHIPS WITH OIL."
Asked whether Australians would be prepared to offer defensive assets, Foreign Minister Penny Wong said a diplomatic approach was preferred.
Senator Wong commented on the back of a visit to Singapore with Trade Minister Don Farrell on Friday.
The pair signed a supply agreement with Singaporean Foreign Minister Dr Vivian Balakrishnan and Energy Minister Tan See Leeng designed to strengthen energy security in the region.
"The protocol reflects the priority we accord each other with respect to trade in essential supplies including petroleum oils, such as diesel, and liquefied natural gas," the ministers said in a joint statement issued on Friday evening.
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