Labor has described the US midterm elections as a “great democratic event” following the comprehensive defeat of Donald Trump’s Republican party and has again declared it wants to see a de-escalation in the Iran war to ease cost-of-living pressures.

A so-called “blue tsunami” that has seen the Democrats seize control of both Houses of Congress has sparked discussion over possible petrol price relief in Australia as well as renewed debate on AUKUS.

President Trump has conceded the war against Iran which has driven up oil prices and inflation was partly to blame for his party’s massive losses in House and Senate contests.

While avoiding any direct comment on the result of the election, Acting Prime Minister Richard Marles insisted the alliance with the United States remained at the forefront of Australia’s strategic policy, no matter who was in power in either country.

“America is a great democracy, and what we saw occur over the last few days is a great democratic event. And who governs America is a matter for the American people, and we’re not going to voice an opinion about that,” Mr Marles told reporters.

“We stand ready to work with the United States in whoever is governing it. And right now that is the Trump administration, and we will continue to work with the Trump administration, and actually, we have a very good working relationship with them.”

Asked whether he thought the election result sent a message to President Trump to end the war in Iran, Mr Marles said the Government had consistently called for a deescalation.

“We want to see a de-escalation there, and we want to see a return to normality in terms of the global fuel supply chain. And that’s I think really important in terms of the global economy and obviously how we’re experiencing that here in Australia.”

Opposition Leader Angus Taylor echoed the Government’s calls for a de-escalation in the Iran conflict but again argued that high oil prices were not the cause of this week’s interest rate rise in Australia.

“I’ve said for a long time, we want to see the Strait of Hormuz open up, we want to see oil flows moving again, of course we want to see that, and that will put downward pressure on oil prices.”

“(Reserve Bank governor) Michele Bullock made very clear that oil prices are not the cause of the interest rate increase we saw this week. They are not. And yet the Prime Minister didn’t bother to read the statement or to see what the governor said — and he’s come out and said, oh no, it’s all oil prices.”

With oil prices dipping dramatically overnight following the US midterm election results, Education Minister Jason Clare suggested there were already some early signs of hope for Australian motorists.

“I think what everyone agrees on in the wrap up of the election is that the cost of fuel was a big factor in those results. Here in Australia, we didn’t start the war but are copping it,” the Labor frontbencher told the ABC on Thursday.

“I’m sure I speak for every Australian when I say the sooner the war ends the better and the Strait of Hormuz opens and things get back to normal as soon as possible.”

Shortly after the United States and Israel first launched their military strikes against Iran in February, the Australian Government was one of the first in the world to publicly back the move.

In a joint statement issued at the time, Prime Minister Anthony Albanese, Foreign Minister Penny Wong and Defence Minister Richard Marles said Australia: “stood with the brave people of Iran in their struggle against oppression”.

“We support the United States acting to prevent Iran from obtaining a nuclear weapon and to prevent Iran continuing to threaten international peace and security”.

Greens leader David Shoebridge has used this week’s stunning midterm election result to again call for an end to the AUKUS nuclear-submarine partnership between Australia and the United States.

Senator Shoebridge on Thursday took aim at Mr Albanese’s relationship with the US President, and said the American backlash on data centres should also be heeded in Australia.

“Just when the US people are putting a barge pole between themselves and President Trump, Albanese is giving him a bear hug,” Senator Shoebridge posted to X along with selfies the two leaders took during recent meetings.

One Nation leader Pauline Hanson, who has regularly praised Donald Trump’s policies, is yet to comment on the US election results, but on Thursday posted statements criticising Government’s spending and blaming it for the collapse of retailer David Jones.