Australia's share market has notched its best two-session performance since April following reports the US and Iran have agreed on the terms of a peace deal.
The S&P/ASX200 jumped 110 points on Monday, up 1.25 per cent, to 8,914, as the broader All Ordinaries gained 121.9 points, or 1.35 per cent, to 9,128.
The memorandum of understanding - expected to be signed by US and Iranian officials in Switzerland on Friday - includes a 60-day ceasefire extension, the reopening of the Strait of Hormuz within 30 days (and lifting of the US naval blockade) and commitments to discuss Iranian sanctions and frozen funds.
Oil prices slumped to 14-week lows, launching most cyclical sectors higher as investors repriced the Persian Gulf conflict's likely global economic impact.
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