Australian shares experienced a significant boost on Wednesday, with the S&P/ASX 200 index closing 2.6% higher at 8,951.80, marking its highest point in five weeks and the largest one-day gain in a year. This surge was largely attributed to a last-minute ceasefire agreement between the U.S. and Iran, which resulted in oil prices dropping below $100 a barrel. The decline in oil prices is particularly beneficial for Australia, which is currently facing persistent inflation challenges. Investment strategist Justin Lin from Global X ETFs noted that the market had been eager for a buying opportunity following recent downturns. The resources sector saw a notable increase of 4.6%, with major companies like BHP and Rio Tinto rising by 3% and 4.4%, respectively. Conversely, energy stocks fell sharply, with Woodside Energy and Santos dropping 10.5% and 4.1%. Additionally, New Zealand's S&P/NZX 50 index rose 1.4%, reflecting a broader regional market recovery.