Australia is poised to join a significant peacekeeping mission aimed at safeguarding the Strait of Hormuz, contingent upon the successful negotiation of an agreement.

This initiative will be scrutinized in an upcoming London meeting later this week, where the potential for increased military involvement will also be on the agenda.

Although Australia and China are involved in these discussions, the United States is not part of this particular initiative.

Liberal Senator Jonno Duniam emphasized that Iran should not be allowed to threaten global stability.

“Should a request come through, I believe it is in our best interest to back any strategy intended to ensure the Strait of Hormuz remains open,” he stated.

The specifics of this request will be part of the dialogue in London this week.

With Australia’s E7 Wedgetail early warning and surveillance aircraft already in the region, extending that deployment to monitor the straits is the most likely outcome

“We have a very significant platform which is currently in the region – which right now is being optimised for the defence of the states of the gulf,” Marles said.

The first opening of the strait saw the price of oil drop suddenly.

The hope is that a permanent opening will eventually see prices drop permanently as well but that is no guarantee.

Minister for Defence Industry Pat Conroy said it was a challenging period.

“If the conflict continues it will be more challenging, that’s way we are working hard with our international partners,” he told Sky News Sunday Agenda.