The US-Iran peace deal brought relief to global stocks overnight but the Australian sharemarket is set to fall at the open.

Stocks are set to climb on the prospect of a peace deal and a weaker oil price, but futures suggest a degree of scepticism around the US president’s claims.

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