The Australian stock market experienced a remarkable uplift on Wednesday, reaching a two-month peak, thanks to the impressive performances of mining and banking stocks. Investors breathed a sigh of relief as news of a tentative agreement aimed at resolving the conflict in the Middle East emerged.

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 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.