Despite analysts warning a further round of conflict was likely because the peace agreement failed to address key sticking points, US President Donald Trump has declared oil would soon resume flowing through the Strait of Hormuz.
The effective closure of the narrow waterway - which in peacetime carries about one-fifth of the world's oil - sent global fuel prices skyrocketing and countries scrambling to find alternative sources.
In response, the government announced a three-month cut to tax on petrol and diesel, which is due to expire at the end of June.
A decision on whether that would be extended was imminent, Prime Minister Anthony Albanese said.
"We'll make our assessment over coming days," he told reporters in Canberra on Monday.
"We obviously need to make a decision prior to June 30, and we need to do that in advance, obviously, of June 30, so people have appropriate notice."
The government's expenditure review committee would discuss the issue from Monday, Mr Albanese said.
Australia welcomed the peace deal but warned removing sea mines from the Strait of Hormuz and restarting the trade of oil from the Middle East to the rest of the world would not happen overnight.
More work was also needed - including on Iran's ambitions to build nuclear weapons - to secure a durable and lasting peace, Mr Albanese said.
Kylie Moore-Gilbert, an expert on Middle Eastern politics who spent more than two years in an Iranian prison, went further, saying the pause in fighting would likely be temporary because of unaddressed sticking points.
The agreement failed to deal with Tehran's ambitions to build nuclear weapons, its use of proxies in the region, its missile program or human rights abuses, Dr Moore-Gilbert said.
"Every single reason cited for this war by the Trump administration ... has not been addressed," she told AAP.
"All those sticking points remain, and we can expect that the Islamic Republic will continue in its intransigence and resist coming to any kind of arrangement or agreement on those points.
"This is just kicking the can down the road to the next conflict."
Dr Moore-Gilbert said Australia was effectively a bystander in the negotiations, with little say in what happened next.
"Whatever statement our government makes, neither side's going to pay any attention whatsoever to us or what we think," she said.
US President Donald Trump took to social media to announce the peace deal after four months of on-and-off fighting in the Middle East, triggered by US and Israeli strikes against Iran in late February.
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