Australian Prime Minister Anthony Albanese on Thursday called for de-escalation in the Middle East war following Donald Trump's speech, believing that the objectives had been achieved.

Mr. Albanese stressed that the American-Israeli attacks had weakened the Iranian air force, navy, and military industry.

"Now that these objectives have been achieved, what remains to be accomplished is not clear, nor is what the outcome may look like," he said in a speech in Canberra.

"What is clear is that the longer the war lasts, the greater its impact on the global economy," he added.

Australia is heavily dependent on fuel imports, and its current reserves would only last 37 days. The country is impacted by Iran's blockade of the Strait of Hormuz, a strategic waterway through which a fifth of the world's hydrocarbon traffic usually passes.

Mr. Albanese's comments come after a highly anticipated speech by US President Donald Trump, who announced two to three more weeks of "extremely tough" strikes against Iran.

He stated that his goal was to annihilate the Iranian army, end the Islamic Republic's support for armed groups in the region, and prevent it from acquiring an atomic bomb.

"I am pleased to say that these fundamental strategic goals are on the verge of being achieved," Mr. Trump said during a 19-minute televised address.

The Australian Prime Minister previously stated that his country was not taking part in the war.

Defense Minister Richard Marles indicated on Thursday that the country would participate in a multilateral meeting organized by the United Kingdom.