Australia will join a virtual meeting of 35 countries to discuss plans to reopen and secure the Strait of Hormuz and ease an oil shock rocking global markets.
The meeting will be led by the United Kingdom, which has coordinated efforts to gather countries willing to contribute to reopening the Strait.
But the United States will be notably absent from discussions, as President Donald Trump has publicly berated Western allies for not doing enough to assist the US in its war with Iran.
Iran war live updates: For the latest news on the Middle East conflict, read our blog.
Foreign Minister Penny Wong will represent Australia in the virtual meeting, scheduled to take place late tonight Australian time.
Other countries attending include France, Germany, Italy, the Netherlands, New Zealand, Japan, Canada and the United Arab Emirates (UAE).
Australia already has military assets in the region, with an E-7 Wedgetail surveillance aircraft and 85 crew deployed to the UAE.
Defence minister Richard Marles said Australia remained willing to discuss what it could do to help.
“We are talking with countries like the UK and France about what contribution we could usefully make,” he said.
“I’d emphasise that we have an E‑7 Wedgetail in the region right now, helping in supporting the defence of the countries of the Gulf, and particularly the United Arab Emirates.
“But we will continue to talk with the UK and France and others about what we can usefully do.”
Australia has already deployed an E-7 Wedgetail to the United Arab Emirates. (Supplied: Australian Defence Force)
The UK released a joint statement with a handful of other countries a fortnight ago, expressing a willingness to work together to reopen the Strait and ensure oil could be safely shipped through it.
Australia was among dozens of countries that later signed that statement.
But leaders within Australia, and in partner countries, have been clear that they are unwilling to take action until a ceasefire in Iran is reached.
Questions over naval capability
Mr Marles said it made sense that Australia would want to contribute to securing the Strait.
“All of those countries, and very much Australia, have an interest in seeing the Strait of Hormuz opened as soon as possible,” he said.
“We will look to what Australia can do when conditions allow and that’s not the circumstance that we’re in right now.
“I’m reluctant to speculate in detail about all of that, other than to say our E-7 Wedgetail is in the region right now.”
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Defence experts have repeatedly cast doubts on Australia’s capability to send a warship to the Persian Gulf, should Australia be asked to contribute.
The Royal Australian Navy’s Anzac-class frigates are aging and poorly equipped to handle drone attacks, while the more capable Hobart-class destroyers are due for significant upgrades.
Opposition leader Angus Taylor told Sky News Australia would struggle to meet a request for a warship.
“Right now, the lack of sustainment, the lack of investment in our defence capability is putting us in a position where we have limited capacity to contribute,” he said.
“But we need to give any possible consideration.”
Meanwhile there are suggestions the prime minister could be preparing to visit Singapore and possibly Malaysia, in a diplomatic effort to shore up Australia’s fuel supplies.
Almost all of Australia’s fuel imports come from oil sourced in the Middle East and then refined in Asia.
Early planning is underway for a possible trip in coming weeks for talks with leaders in the two countries, which both host major refineries.