News of a peace agreement to be signed this between Iran and the US is prompting optimism about fuel prices and the global economy, but the Finance Minister is staying cautious.

Both sides have agreed a deal, to be formally signed in Switzerland on Friday - and it's understood the the Strait of Hormuz will reopen and 60 days of nuclear negotiations will commence.

Nicola Willis says there's been breakthroughs followed by backsliding over the last few months as the conflict continued. 

"I'm steeled for possibly bad news, but hopeful this is going to stick because we've already seen the global oil price come down pretty significantly as a result, and I'd love to see it keep coming down." 

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