The price of brent crude, the US oil benchmark, surged to more than $100 a barrel on Friday (AEDT) amid reports Iran had been laying mines in the Strait of Hormuz - a key trade route for oil from the region.
Resources Minister Madeleine King said she would meet her counterparts from the US, Japan, South Korea, Timor Leste and other countries at the Indo-Pacific Energy Security Forum, where petrol and diesel supplies would be on the agenda.
"I'm hoping to achieve good discussions about where everyone else is sitting in addressing the fuel supply or demand issues they're facing in their countries," she told ABC TV on Friday morning.
Ms King said boosting supplies of critical minerals and rare earths - used in electric vehicle batteries, smartphones and sensitive defence technologies - would also be discussed.
Asked if Australia could face broader fuel shortages if the conflict drags on for more than a few weeks, Ms King conceded the longer the war continued, the harder it would be for the global economy.
"The ripple effects of such conflict reach everybody's shores, including Australia's," she said.
The federal government has relaxed quality standards for the next 60 days to boost the domestic market with an extra 100 million litres of fuel per month, allowing fuel with higher levels of sulphur to be used.
Quality levels will still remain very high by international standards, the government said.
Ms King said Australia was still well-supplied with global fuel shipments and there were no indications future deliveries would be delayed.
"We do have the supply. There have  been difficulties in some areas because of the extraordinary demand, but we do have sufficient supplies," she said.
Deputy Opposition Leader Jane Hume said the government had unfairly blamed motorists for panic-buying petrol when broader structural issues were to blame for the shortage, adding that Labor had failed to guarantee Australians they won't run out of fuel.
"We're very pleased that there's going to be more fuel, particularly getting out to the regions," she told Seven's Sunrise program on Friday.
