ASX today – War in Iran and across the Middle East is teetering on its first full week, and continues to spread, leaving many panicking that U.S. President Trump’s “four-week” pledge may have been a little too overly optimistic.
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ASX futures are, in turn, blood red. We’re heading for a huge -1.6% dump when our leading index opens Friday, which tracks the Dow Jones quite closely. The S&P 500 has retreated, too, though just -0.6%, while the Euro Stoxx and FTSE in Europe both saw up to 150-point dives through their trade days.
Much revolves around the sharply spiking oil prices, which remain at highs last seen since CY24 after Iran launched a new wave of attacks against Israeli and American bases and countries around the Middle East region.
Most recently, the IDF has said it was “moving to next of operations,” which may require ground forces as it looks to “dismantle the regime.”
Jonathon Davidson and I spoke about the whole Iran situation at length on the latest HotCopper Wire this week, as well, dissecting what it means for Oz stocks and our economic future – that goes live this morning.
Now, back to our shores (but still on Iran for a tick), here’s stock news.
ASX stocks to watch
First up, Morningstar analysts have dubbed Woodside (ASX:WDS) and Santos (ASX:STO) as a whole lot more compelling under the shadow of the U.S.-Israeli attacks in Iran. Should Brent Crude stay at sustained prices, their strategists say, we should see both Oz majors grow in investment sentiments quickly.
In Oz mining news, Black Bear Resources (ASX:BKB) has intercepted high-grade silver outside its current Shafter estimate. The smallcap explorer will now be targeting “further extensions to mineralisation.”
Elixir Energy (ASX:EXR) is midway through mobilising its Teelba 2D seismic campaign, where the gas explorer’s searching highly-prospective areas on the western flank of the Taroom Trough. Works will take some three weeks.
Elsewhere, Aus Critical Minerals (ASX:ACM) has picked up a drill contractor for its Flint Gold Project in La Libertad in Peru, where “drilling is imminent.”
And, Metal Hawk (ASX:MHK) has started its RC drilling at Leinster South.
Buck and ore
Now – in forex, the Oz dollar is buying US 70.1c.
Looking at commodities, all in the greenback,
Iron Ore is +1.4% stronger, selling at $100 a tonne in Singapore today,
Brent Crude is up +3.3%, at $84.10/Bbl,
Gold is selling at $5,096/ounce,
US natgas futures are up +2.5%, to $2.98 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – happy trading.
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