Australia has welcomed the news of a peace deal struck between the US and Iran as the warring parties prepare to enter talks ahead of signing the agreement on Friday. But Anthony Albanese warned in a joint statement with Foreign Minister Penny Wong that “continued restraint and constructive engagement” would be key to prevent further escalations. Both the Prime Minister and Senator Wong were pleased the agreement included “steps towards reopening the Strait of Hormuz and the restoration of freedom of navigation”. “While full recovery will take time, restoring this vital trade corridor is essential to easing pressure on energy prices and economies, including in our region,” the statement read. “We will continue to do all we can to shield Australians from the worst impacts of this conflict.”Both urged all parties “to use this opportunity to pursue a durable and lasting peace through dialogue and diplomacy”. “Iran must address longstanding concerns about its nuclear program and the threat it poses to international security,” the statement read. “We commend the efforts to date of Pakistan, Qatar, Saudi Arabia, Türkiye and other mediating countries.”Mr Trump took to Truth Social on Monday to confirm a deal with Iran was “now complete”. “Congratulations to all! I hereby fully authorise the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorise the immediate removal of the United States Naval blockade,” Mr Trump wrote. “Ships of the World, start your engines. Let the oil flow!”Pakistan’s Prime Minister Shebaz Sharif confirmed the deal would be signed in Switzerland on Friday and had been reached following “intensive talks” between the US and Iran. “Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon,” Mr Sharif wrote. But Iran’s Deputy Foreign Minister Kazem Gharibabadi said the memorandum of understanding did “not mean trusting the enemy” in remarks carried by state broadcaster Tasnim News Agency. “It has been written with active distrust. We will monitor the implementation of US commitments,” Mr Gharibabadi said.He confirmed the US naval blockade of Iranian ports would cease as of Monday night as well as the immediate end to hostilities, including in Lebanon. Mr Gharibabadi said negotiations had continued “until one hour before the announcement”.“On Friday, we will have an official signing, and the heads of the two delegations will hold talks to determine the future arrangements of the negotiations,” he said. “Until then, the US side’s commitments regarding ending the war, lifting the blockade and releasing assets will be verified. “Entering the 60‑day negotiations is conditional on the implementation of these US commitments.”US Vice President JD Vance told Fox News the deal would hail “hopefully a new era with the Iranians” and said Washington could confidently say Iran “will never have a nuclear weapon”.Britain’s Prime Minister Keir Starmer said the UK would support talks between the two parties and urged them to focus on the deal’s implementation. “Attention must now turn to fully implementing the memorandum of understanding to ensure the Strait reopens and remains fully and permanently open and that the detailed elements of the nuclear deal are finalised,” he said. He said “toll-free freedom of navigation must now be restored” in the Strait of Hormuz to “begin easing the severe economic impacts” felt around the world. More to come