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The ASX has fallen sharply, down 91 points, or -1%, as renewed conflict in the Middle East pushed oil prices higher, reigniting inflation concerns and dragging the broader market lower. Eight of the 11 sectors traded in the red.
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The sell-off comes after the U.S. launched fresh strikes on Iran and revoked a sanctions waiver that had allowed Tehran to continue exporting oil. Brent crude has jumped more than 2% to around US$76 a barrel, with investors again focused on the security of supply through the Strait of Hormuz.
Materials are leading the decline. BHP has dropped -2.9%, Newmont is down -1.7%, Evolution Mining has fallen -4.3%, and Regis Resources has lost -4.8% as the sector comes under broad selling pressure.
Tech is also weighing on the index, with WiseTech Global tumbling -7.2% as investors take profits following the company’s strong gains earlier this week.
Banks are mixed, with all four majors moving less than 1% in either direction.
The standout performer was Energy, benefiting from the rebound in oil. Woodside has climbed 2.7%, Santos is up 4.4%, Viva Energy has gained 3.3%; Yancoal added 3.6% on expectations that higher energy prices could support coal demand. Utilities are also stronger, with Origin up 1.4%. AGL added 0.7%.
In company news, ResMed has agreed to sell its MatrixCare software business for US$490 million. Adairs has warned it expects to post a $43 million full-year loss after taking a major impairment on its Focus on Furniture business, although its shares have edged higher. QBE is also slightly stronger after announcing Australia Pacific chief executive Sue Houghton will retire at the end of CY26.
Meanwhile, BHP is facing industrial action after unions announced an eight-hour strike at its Port Hedland export terminal on July 16. The company has warned that any shutdown could cost more than $100M in revenue per day.
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