Fuel prices have soared globally as a result of one of the world's major oil corridors - the Strait of Hormuz - being closed by Iran in response to the conflict.
The prime minister said the "specific issue" of Tehran's regime being denied its nuclear weapons potential had been achieved.
"I can see it (the war) ending, coming to an end, and us making sure that we get the world back on its normal axis," he told Triple M radio on Thursday.
"(There will be) a bit of a tail, though, like you don't end the war, and then everything is all hunky dory."
Albanese's comments come after Donald Trump blasted a number of nations, including Australia, in a blistering social media post as the international community refuses to join the war in the Middle East.
The US president requested a naval coalition to help reopen the Strait of Hormuz, where about one-fifth of the world's oil transits through.
Australia didn't ask for the war and nor should it contribute to the conflict, says United States Studies Centre Associate Professor David Smith.
"The best thing for Australia is to stay as far away from the Strait of Hormuz as possible," he said.
"There's a risk that allies sending navies is going to prolong the conflict."
Dr Smith said Mr Trump's "inconsistent" statements indicated the US president couldn't decide the objectives of the war, let alone what victory looked like.
"Allies of the US need to try to persuade it to end the conflict as that is the most likely way to reopen the strait," he said.
The Albanese government has said no formal US request has been made to send a warship and Australia would not be doing so.
But Australian Strategic Policy Institute executive director Justin Bassi said all of America's allies and partners should work with the US to secure and reopen the oil corridor.
"That doesn't mean having to support the US blindly or uncritically," he said.
"This should be treated as a demonstration to the US — not one where we sit back and say 'you broke it, so you fix it,' but rather an opportunity for the rest of the world to show that democracies need each other and must work together, including with the US, in the face of common threats."
Australia has deployed a Royal Australian Air Force E-7A Wedgetail plane to the Middle East to help monitor the region.
An Iranian strike landed near an Australian base in the United Arab Emirates shortly after 9am on Wednesday (AEDT).
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