What is the optimal image size and format for website speed?

Am wanting to clarify best practices for images size and format (png or jpeg) as doing various speed scans like GT Metrics even images that are 85kbs are getting flagged. Do I use an app to reduce and compress, if so what do you recommend that won’t slow my site down or should I compress before I upload it? Do you have a tool to reco

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@usandtheearth

for the image compression use:

Tiny png
compressor.io

I can really recommend https://tinypng.com/. Solved all my problems I had with too big images.