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Iran is threatening to close the Strait of Hormuz again if the United States continues to blockade its shipping and ports.

It comes as US President Donald Trump says he's hopeful any differences with Iran will be worked out, and peace talks resume in coming days.

Iran agreed to re-open the Strait to commercial traffic after a ceasefire between Lebanon and Israel was secured but the US says its own blockade will remain until a peace deal is reached with Iran.

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Meanwhile the Prime Minister says the government is ready to provide assistance to help secure the Strait of Hormuz once a permanent ceasefire is secured, after meeting with world leaders overnight.

Anthony Albanese joined almost 50 leaders at a virtual summit, co-chaired by the UK and France, which discussed forming a multinational defensive mission to escort commercial ships through the chokepoint in the future.

Mr Albanese says Australia has not committed to sending any military assets but stands ready to help.

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New Zealand's capital, Wellington has been hit by flash flooding after thunderstorms brought heavy rain to parts of the north island.

Local media are reporting the wild weather has forced the evacuation of 24 homes.

The nation's weather forecaster says a severe thunderstorm warning is in ‌place for Wellington as well as a number of nearby towns.

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Prime Minister Anthony Albanese says Australia's role in helping to protect the Strait of Hormuz doesn't include sending military assets at this stage.

Mr Albanese was among nearly 50 world leaders who attended a virtual summit overnight Friday to discuss a defensive mission to restore safe passage through the waterway.  

The Prime Minister says Australia did not commit to sending military assets in the meeting.

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Meanwhile US President Donald Trump says he's hopeful any differences with Iran will be quickly worked out and peace talks will continue over the coming days.

It comes after Iran agreed to reopen the Strait of Hormuz to commercial traffic after a ceasefire between Lebanon and Israel was secured.

Speaking to reporters, Mr Trump says he welcomes the move, but the US blockade of Iranian ships will remain in force.

Mr Trump also claims Iran has agreed to work with America to secure the country's enriched uranium and send it to the United States.

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UNICEF says it's working to provide vital services to people in Lebanon, displaced by the war between Israel and Hezbollah.

US President Donald Trump has declared Israel will not bomb Lebanon again but Israel's prime minister says the campaign against the militant group is not yet over.

A ceasefire between Israel and Lebanon has now entered day two.

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The United States and Iran have agreed to reopen the Strait of Hormuz to commercial traffic but both have imposed conditions

President Donald Trump says Iran and the US were helping each other to remove underwater mines.

However, Iran said all shipping should use a designated laneway in the Strait while President Trump said the US Navy would not allow Iranian ships to travel through the Strait until there was a formal end to the war

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The re-opening of the Strait of Hormuz has been cautiously welcomed by world leaders meeting overnight to discuss a defensive mission to restore safe passage through the waterway.

Prime Minister Anthony Albanese was among almost 50 leaders who attended the virtual summit, jointly chaired by the UK and France.

The group discussed forming a multinational defensive mission to escort commercial ships through the strait, once a more permanent ceasefire holds.

Twelve countries have already committed military assets but the Australian government has not said what it's offered or been asked to provide.

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Lebanon's President says the ten day ceasefire with Israel should move to a permanent agreement.

US President Trump says he's prohibiting Israel from bombing Lebanon, saying "enough is enough".

But there are reports one person was killed in an Israeli drone strike in southern Lebanon - despite the ceasefire.

The I-D-F says it reserves the right to continue targeting Hezbollah. 

US president Donald Trump has announced that the Strait of Hormuz is now fully open, after Iran also made a similar claim.

Iran's Foreign Minister Abbas Araghci posted on social media that the Strait is open and that vessels would use a 'coordinated route'.

He says inline with the 10-day ceasefire in Lebanon, the passage for all commercial vessels through the Strait is declared completely open for the remaining period of ceasefire.

Also in a post on social media, Mr Trump says the US naval blockade of Iran's ports and coastline will continue until an agreement between the US and Iran to end the war is 100-per-cent complete.

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U-S President Donald Trump says he's prohibiting Israel from bombing Lebanon, saying "enough is enough".

But there are reports one person was killed in an Israeli drone strike in southern Lebanon - despite the start of a ceasefire in the country.

The IDF says it reserves the right to continue targeting Hezbollah.

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An energy company that saw its Geelong refinery engulfed in flames has promised it will not pass the costs of the accident onto consumers.

Experts are urging motorists not to panic buy in the wake of the fire, stressing it is unlikely to significantly impact fuel prices.

Production at Viva Energy's Geelong facility is ongoing.

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Teen sprint sensation Gout Gout believes he can break the 10 second barrier in today's one-hundred-metre finals.

Gout will run in the one-hundred-metre semi-finals and finals today in Brisbane at the Australian Junior Nationals - less than a week after he broke the Australian 200-metre record.

If Gout runs under 10 seconds in legal conditions, he will become only the third Australian to do so, after his rival Lachlan Kennedy ran 9.96 seconds at Australian Athletics championships in Sydney last week.

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Listen to the latest updates from ABC News

Listen to the latest updates from ABC News

War veteran Ben Roberts-Smith has been released from custody after being granted bail by a Sydney court earlier today.

The 47-year-old is charged with five counts of the war crime of murder, which relate to the alleged killings of unarmed afghan detainees between 2009 and 2012.

Mr Roberts-Smith will be required to report to police three times a week and will have to surrender his passport, among other bail restrictions.

The matter will return to court in June.

Foreign Minister Penny Wong says Australia is eager to be part of diplomatic efforts to open the Strait of Hormuz ahead of an international summit tonight.

The summit, hosted by the UK and France will discuss how to ensure freedom of navigation within the Strait once the conflict in the Middle East comes to an end.

The US will not be taking part in the summit, but there are reports China has been invited to attend.

Prince Harry and Meghan are ending their four-day trip to Australia at the Super Rugby tonight after a day of events around Sydney.

The pair started the day at bondi beach meeting with first responders and survivors of the December terror attack there.

They then headed to the harbour, where they greeted members of the public before taking a sail with veterans, as part of prince Harry's work with the Invictus games. 

War veteran Ben Roberts-Smith is likely to be released from prison within hours, after being granted bail on charges of war crimes.

Ben Roberts-Smith has been on remand at Silverwater Prison since his arrest at Sydney Airport last Tuesday.

The 47-year-old has been charged with five counts of the war crime of murder which investigators allege relate to the deaths of unarmed Afghan detainees between 2009 and 2012.

Judge Greg Grogin has imposed a long list of strict bail conditions on the army veteran.

Israel's been accused of violating a ceasefire in Lebanon just hours after the ten-day truce came into effect.

In a statement posted online, the Lebanese army says its recorded several Israeli attacks.

Israel's defence force has not responded to the claims.

Israel says it'll maintain a military presence in southern Lebanon as part of the deal, going against Hezbollah demands that IDF forces fully withdraw from the region.

Europe could experience major flight disruptions within weeks as global energy officials warn the continent has "six weeks of jet fuel left".

The International Energy Agency says supplies could reach a critical level as early as June unless it can replace shipments cut off from the Middle East

The warning adds to uncertainty for many Australians heading to Europe, after weeks of flight cancellations linked to the war in the Middle East.

War veteran Ben Roberts-Smith has been granted bail after spending more than a week in custody over allegations of war crimes.The 47-year-old was arrested at Sydney Domestic Airport last week and charged with five counts of the war crime of murder, alleged to have occurred in Afghanistan in 2009 and 2012.

His lawyers have told a Sydney court the case is unprecedented and involves "unchartered legal territory", arguing it was likely to take years, with "many twists and turns".

They said the fairness of the proceedings would be compromised if their client had to defend himself from custody.

In opposing bail, the Crown highlighted the "gravely serious" nature of the charges, citing the risk of flight and the risk of Mr Roberts-Smith interfering with witnesses or evidence.

Local Court Judge Greg Grogin found that it will take years before the matter is resolved.

He granted bail and said the concerns raised by prosecutors could be mitigated through strict conditions proposed by his lawyers.

The US President Donald Trump says the Israeli and Lebanese leaders could meet at the White House for peace negotiations over the next week or two.

The two countries have entered into a ten-day ceasefire negotiated with the help of the United States.

But Israeli Prime Minister Benjamin Netanyahu has not agreed to a demand by the Iran-backed militant group Hezbollah to withdraw troops from southern Lebanon.

The Lebanese Army says that "a number of ceasefire violations" have occurred.