Defence Secretary Philip Hammond said the UK has a "contingent capability" to reinforce the military presence it already has in the Persian Gulf "at any time it be considered necessary to do so".
The Iranian threat to close the Strait came after the EU implemented unprecedented sanctions against Tehran, including an oil embargo.
Australia has now said that it, too, would join in the embargo.
The sanctions ratchet up the pressure on the Islamic Republic in the tense stand-off over its nuclear capabilities.
Iran says its nuclear programme is devoted to producing energy for peaceful purposes.
The West has long believed Tehran is trying to build a nuclear bomb.
Iran responded angrily to the sanctions, with one official declaring its long-term threat of closing the Strait "will definitely" be carried out.
British warship HMS Argyll, along with a French and an American warship, had entered the Gulf on Sunday in a show of strength warning Tehran they would not tolerate any interference with global shipping.
"We also maintain mine-counter measures vessels in the Gulf, which are an important part of the overall allied presence there, and of course the UK has a contingent capability to reinforce that presence should at any time it be considered necessary to do so," Mr Hammond said.
The Ministry of Defence said there were about 1,500 Navy personnel in the region east of Suez, including the Middle East and the Indian Ocean.
Four anti-mine vessels are based out of Bahrain, while Britain also has two frigates - including HMS Argyll - three support ships, a survey vessel and one hunter-killer nuclear submarine in the region, the ministry said.
Mr Hammond said recently that Iran was "working flat out" to produce a nuclear weapon.
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