The Australian share market is likely to start its day relatively flat after Iran accused the United States of violating their fragile ceasefire and warned of retaliation. The key focus will be today's inflation data from the ABS, which economists expect to show inflation easing slightly to around 4.4 per cent due to cheaper petrol prices. Follow live.

The Australian sharemarket closed in the green while oil prices fell, amid rising hopes of an end to the Middle East conflict.

The Australian sharemarket has climbed at the open while oil prices have tumbled on rising hopes of an end to the Middle East conflict.