Donald Trump said the US will start guiding ships through the Strait of Hormuz, which has been effectively closed since the start of the war, in response to the requests of countries not involved in the conflict.
"For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business," the US president wrote on Truth Social.
Foreign Minister Penny Wong said global energy markets and Australian consumers needed the passageway reopened.
"What we do want, however, is Iran to cut a deal, make sure they get a negotiated outcome that opens the strait and is to the satisfaction of the United States and the rest of the world," she told Seven's Sunrise program on Monday.
Senator Wong said Australia was working with the US, UK, and France to secure the outcome.
"We all have an interest in this being resolved. We know this has affected Australians at the petrol bowser," she told ABC News Breakfast.
"It's affected our economy, and it's made our need to source fuel from elsewhere imperative."
As Mr Trump announced the operation, he raised doubts the proposal proposed by Iran to end the war was "acceptable".
Tehran confirmed it has received a US response to its latest peace offering, which had been delivered via Pakistan and was now being reviewed.
The 14-point peace plan asks the US to withdraw all its forces located near Iran, lifting of the naval blockade of the Strait of Hormuz, and for Israel's offensive in Lebanon to come to an end.
It called for a deal to be reached between the two nations within 30 days.
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