The ASX Today: Oil surge keeps market flat as energy stocks rally

Good afternoon and welcome to The ASX Today, I’m Seja Al Zaidi. The Australian sharemarket has been little changed today, with the index up just 7 points as rising oil prices boost energy stocks, while weakness across technology and materials keeps the broader stock market in check Down Under.

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Investors are still on edge as Brent crude climbs 2.5 per cent, to more than US$90 a barrel – its highest level since June – after renewed hostilities between the US and Iran.

Fresh attacks involving vessels in the Strait of Hormuz have fuelled disruption concerns, while Tehran says the ceasefire has collapsed.

Energy has been the standout sector. Ampol has gained 2.1 per cent, Santos is up 1.8 per cent, Woodside has added 1.7 per cent, and Karoon has climbed 2.7 per cent as investors position for stronger oil prices.

On the other side, Tech was the weakest after a soft lead from the Nasdaq Friday. WiseTech Global has fallen 2.6 per cent, while Xero and Megaport have both slipped 1.1 per cent. Materials are also under pressure as investors weigh the prospect that higher oil prices could keep inflation elevated and delay rate cuts. Rio Tinto is down 1.5 per cent, Evolution has lost 1.4 per cent.

In company news on Monday, South32 is one of the market’s best performers, rising 3 per cent after exceeding FY26 production guidance across its key operations and delivering a 15 per cent lift in quarterly sales volumes.

EQ Resources is soaring more than 30 per cent after “Twiggy” Forrest’s private investment vehicle agreed to acquire a more than 16 per cent stake in the tungsten producer from Oaktree Capital Management.

And, Deep Yellow has climbed more than 8 per cent after awarding $34 million in construction contracts for its flagship Tumas uranium project in Namibia.

Elsewhere, Coast Entertainment has jumped 12 per cent after securing approval for a 55-hectare mixed-use development at Coomera alongside Dreamworld, while Fletcher Building is higher after receiving up to NZ$60M in funding to keep New Zealand’s only cement manufacturing plant operating to at least 2040.

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