Australian shares booked their best session in seven weeks on Friday, as news of a potential deal to extend the U.S.-Iran ceasefire and reopen the Strait of Hormuz sparked a rush into battered stocks.
The S&P/ASX 200 index rose 1.6% to 8,731.70 in its largest single-day gain since April 8, as the market rebounded after Reuters reported that the U.S. and Iran had reached an agreement to extend their ceasefire and lift restrictions on shipping through the Strait.
