Australia's share market is on track to finish a volatile week where it began, after equities rebounded on reports that the US and Iran will extend a fragile ceasefire to finalise a lasting peace deal.
The S&P/ASX200 rose 80.8 points by midday on Friday, to be up 0.94 per cent, at 8,637.7, as the broader All Ordinaries gained 89.1 points, or 1.01 per cent, to 8,908.7.
"The US and Iran are reportedly on the cusp of a deal to extend the ceasefire for another 60 days, with the agreement said to include a toll-free re-opening of the Strait of Hormuz," Capital.com senior market analyst Kyle Rodda said.
"The move in oil prices was negligible, suggesting a peace premium is all but priced-in into the market - setting up the markets for big disappointment if this purported deal proves to be another false dawn."
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