On 7.30 last night, the prime minister, Anthony Albanese, said he would convene national cabinet in coming days to discuss the fuel crisis, warning of a “long tail” to the economic shocks from the Middle East conflict.

The prime minister stressed there was no plans to move to the next stage of the national fuel strategy, which would involve interventions to preserve supply, but said he wanted to update state and territory leaders to ensure that “we all move together as one nation”.

It will be the third meeting of the national cabinet since the US and Israel started bombing Iran on 28 February, sparking a new regional conflict and global energy crisis.

Albanese reiterated his desire for a permanent resolution to the conflict and resumption of normal shipping through the strait of Hormuz.

He said:

No country is immune from the impact of this conflict, even though it’s happening on the other side of the world, it’s having a massive impact on the global economy. It’s having a human impact on people in the region, and that’s why we want to see a resolution.

Albanese on Friday joined a virtual summit of world leaders – chaired by the UK and France – to discuss a plan to fully reopen the strait.

He said another meeting was planned for later this week.

The prime minister would not be drawn on whether the government would consider sending military assets to help secure the shipping lane but said Australia would “play a constructive role” in negotiations “as we always do in international affairs”.