SBS News In Depth

Just hours after the world welcomed news of a two-week ceasefire between the U-S and Iran - which would have seen the Strait of Hormuz open up passage of much of the globe's oil supply - the fragile truce appears to be at serious risk. Iran now says it will target any ships that attempt to cross the major shipping passage - blaming deadly Israeli attacks on Lebanon overnight, which the U-S says were not subject to the ceasefire pact. So what happens now? And what have Iran and the US actually agreed to?

A warning - the following story contains elements that may distress some people. A woman dubbed the Ketamine Queen has been sentenced to 15 years in prison for selling Friends star Matthew Perry the drug that killed him in 2023. Forty-two-year-old Jasveen Sangha is the third of five people to be sentenced over Perry’s overdose.

The announcement of a ceasefire in the Middle East looks set to reduce motorists' pain at the pump, with Iran agreeing to allow ships through the Strait of Hormuz.But even if the ceasefire holds, it's likely price reductions will take time to flow through, and disruption to global markets could have a long tail. The government is again urging calm, saying fuel supplies are secure into May, as it works to shore up supply from international partners.

Australia’s sharemarket has recorded its strongest session in about a year, with the ASX200 jumping 2.6 per cent and adding around $80 billion in value as investors responded to a reported two-week ceasefire agreement between the United States and Iran. Gains were broad-based, with eight of eleven sectors higher and technology stocks leading the charge, while gold miners and airlines also rallied amid sharp moves in commodity prices. The Australian dollar climbed to around 70.7 US cents. Ricardo Gonçalves speaks with Kyle Rodda, Senior Financial Market Analyst at Capital.com, to unpack what’s driving the surge and what it could mean for markets next.

US President Donald Trump has agreed to suspend the bombing of Iran for two weeks - an announcement coming less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face widespread attacks on its civilian infrastructure. Meanwhile, Iran's Supreme National Security Council says it also accepts the two-week ceasefire and will negotiate with the United States beginning on Friday.