Australia’s sharemarket is poised to surge on the opening bell and the price of oil has fallen to a two-month low after US President Donald Trump declared a “great settlement” between Washington and Tehran.

Australian shares are set to rally as oil plunged and the S&P 500 leapt after President Donald Trump signalled a peace deal was near at hand. Follow live.

The Australian sharemarket surged after President Donald Trump signalled the US was close to a deal with Iran, fuelling hopes for an end to the war that has roiled global markets.