Australian shares closed higher on Monday after the US and Iran agreed to halt hostilities that had flared up over the weekend.
The S&P/ASX 200 Index gained 0.68%, or 59.20 points, to close at 8,823.40.
Brent crude oil futures climbed to trade around $72 per barrel amid concerns over the future of peace negotiations between the US and Iran, as well as the opening of the Strait of Hormuz.
On the domestic front, the Reserve Bank of Australia said its monetary policy board disclosed a framework outlining how it would approach the design and use of additional monetary policy tools in a low-interest rate environment.
The bank said the toolkit features six tools, including term lending facilities, government bond purchase programs, forward guidance with commitment, negative interest rate policy, term rate targets, and foreign exchange asset purchases
In company news, Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement. Completion is targeted for the September quarter, after which the company is expected to become a substantial shareholder in Forrestania.
Karoon Energy (ASX:KAR) said production has been restored from the SPS-92 well at Baúna in Brazil following the replacement of the electrical submersible pump (ESP). SPS-92 is currently producing at a rate of 8,600 barrels of oil per day (bopd), taking total Baúna Project production to around 20,500 bopd.
Neuren Pharmaceuticals (ASX:NEU) secured a positive opinion from the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use, which recommended approval of Daybue for treating neurobehavioral symptoms of Rett syndrome in patients aged five years and older.