The Australian sharemarket has soared to a two-month high after the US and Iran brokered a peace deal in the Middle East — with the price of oil dropping to a three-month low.

The Australian sharemarket rallied after Donald Trump announced a peace deal that includes an immediate ceasefire “on all fronts” of the war in the Middle East.

The Australian dollar is rising after Donald Trump confirmed a deal has been reached with Iran, saying the Strait of Hormuz will open. Follow the day's events and insights from…