Australia news live: Wong welcomes US-Iran peace deal; Joyce says fundraised millions to pay for One Nation ads

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The prime minister and foreign minister have issued a lengthier statement welcoming the agreement made by the US and Iran, and called for continued restraint to avoid further escalation.

President Donald Trump made the announcement he had signed a deal this morning, saying the strait of Hormuz would be reopened.

Continued restraint and constructive engagement will be essential to prevent further escalation and secure a lasting agreement. We are pleased the agreement between the US and Iran includes steps to reopening the Strait of Hormuz ...

We encourage all parties to use this opportunity to pursue a durable and lasting peace through dialogue and diplomacy. Iran must address longstanding concerns about its nuclear program and the threat it poses to international security.