Oil prices plunged 15% and stocks rose 3% overnight after the US and Iran agreed to a two-week ceasefire. But there is still conflict in the region and only a few ships have transited the Strait of Hormuz. Meanwhile, the Reserve Bank of New Zealand held interest rates, but lifted its inflation forecasts.

And then in our deep-dive interview, ANZ Senior Commodities Strategist Daniel Hynes says the oil market is not going to return to its pre-conflict state any time soon, even if the ceasefire holds.

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