Australian Prime Minister Anthony Albanese urged the US to de-escalate the war with Iran following the Republican Party's losses in the US midterm elections. Albanese described the election results as "very significant" and said they were a key topic of discussion among leaders at the Commonwealth Heads of Government Meeting (CHOGM), according to the Australian Broadcasting Corporation on Saturday. Democrats captured control of the US House of Representatives and won a majority of the country’s governorships in Tuesday's midterm elections. "Whether it be inflation in the global economy or the need to have free trade settings … every nation [at CHOGM] wants to see the war end and for the Strait of Hormuz to reopen," he said. Linking the war with Iran to Australia's cost-of-living crisis, Albanese said he would continue to make representations to Washington for "de-escalation." Read More: US, Iran agree to halt war and reopen Hormuz, sending oil prices tumbling However, he argued that he did not need to adopt a more forceful approach with US President Donald Trump. "I have said it publicly and directly [to Mr Trump] that it's time for there to be a de-escalation," Albanese said, adding that Australians can expect him to work diplomatically in the country's national interests. The US and Israel launched a military offensive against Iran on Feb. 28. A ceasefire was reached in April and a memorandum of understanding was signed in June as part of efforts to conclude a peace deal, but the efforts came to no avail and the conflict has yet to be settled.