ASX 200 gains as oil prices rise on Iran tensions
The ASX 200 rose 0.17 per cent to 8809, with energy and materials stocks gaining on higher oil prices.
The Australian sharemarket rebounded Monday to close 0.17 per cent higher at 8809. Energy stocks surged on a jump in oil prices amid speculation about a US-Iran conflict.
Brent crude rose above US$116 a barrel while West Texas Intermediate rose above US$102 before retreating slightly. Woodside Energy added 1 per cent, Santos 1.3 per cent, and miners BHP and Fortescue both rose more than 1 per cent.
Gold prices steadied at about US$4000 an ounce, lifting Northern Star 2.1 per cent and Evolution 1.6 per cent. Technology stocks fell initially but rebounded, with WiseTech, Xero and TechnologyOne all rising.
- 0.17 percent to 8809
- ASX 200 gain
- Above US$116 per barrel
- Brent crude
- Above US$102 per barrel
- West Texas Intermediate
- US$4000 per ounce
- Gold price
Why it mattersOil price moves directly affect energy stock prices and the broader market, influencing investor returns and company valuations.
AustraliaAustralian energy companies and investors with holdings in BHP and Fortescue saw stock gains today, though higher oil prices could push fuel costs higher in coming weeks.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
Open this story in InSnip →
