It comes days after mysterious sabotage attacks on several tankers in highly sensitive Gulf waters and drone strikes on a Saudi crude pipeline by Yemen rebels who Riyadh claimed were acting on Iranian orders.
The United States has also deployed an aircraft carrier and bombers to the Gulf over alleged threats from Iran.
King Salman invited Gulf leaders and Arab League member states to two emergency summits in Mecca on May 30 to discuss recent "aggressions and their consequences", the kingdom's official SPA news agency reported late Saturday.
Saudi Arabia's minister of state for foreign affairs, Adel al-Jubeir, said Sunday his country does not want to go to war with Iran but would defend itself.
Saudi Arabia "does not want a war, is not looking for it and will do everything to prevent it," he said.
"But at the same time, if the other side chooses war, the kingdom will respond with strength and determination to defend itself and its interests."
The kingdom's regional allies welcomed the Saudi invitation.
The UAE's foreign ministry said the current "critical circumstances" require a unified Arab and Gulf stance.
The meetings will be a "significant opportunity for the countries of the region to achieve their aspirations for establishing peace and stability," it said.