Australia's share market has begun the week on a positive footing, reacting to reports that the US and Iran are now closer to a deal to end hostilities and reopen the Strait of Hormuz.
The S&P/ASX200 was up by 38.6 points by midday on Monday, lifting 0.44 per cent to 8,695, as the broader All Ordinaries improved by 38.8 points, or 0.44 per cent, to 8,916.
Hopes of a lasting truce between the US and Iran have been further bolstered by news that a handful of oil and gas tankers have exited the Strait of Hormuz - some after being stranded for nearly three months.
"Over the weekend, President Trump and his administration implied an initial deal with Iran is near, though a number of points are still to be settled, and it is clear the US and Iran have differing views on hard 'red lines'," Westpac economist Ryan Wells said.
