Oil Surge Hits BHP, Tech; Energy Stocks Rally on ASX

The ASX fell 91 points, or 1%, on Friday as a spike in oil prices triggered a broad sell-off in miners and tech stocks. Eight of the 11 sectors closed in the red.

The trigger was a new round of U.S. strikes on Iran and the revocation of a sanctions waiver that had let Tehran export oil. Brent crude jumped more than 2% to around US$76 a barrel, refocusing the market on supply risk through the Strait of Hormuz.

Materials led the decline. BHP dropped 2.9%, Newmont fell 1.7%, Evolution Mining lost 4.3%, and Regis Resources shed 4.8%. The sector's broad sell-off came as higher oil prices revived inflation concerns, pushing down rate-sensitive stocks.

Tech was the other big drag. WiseTech Global tumbled 7.2% as investors took profits after the stock's strong run earlier in the week.

Banks were mixed, with all four majors moving less than 1% in either direction.

The standout sector was Energy, which rode the oil rebound. Woodside climbed 2.7%, Santos rose 4.4%, Viva Energy gained 3.3%, and Yancoal added 3.6% on expectations that higher energy prices could support coal demand. Utilities also firmed, with Origin up 1.4% and AGL adding 0.7%.

In company news, ResMed agreed to sell its MatrixCare software business for US$490 million. Adairs warned it expects a $43 million full-year loss after a major impairment on its Focus on Furniture business, though its shares edged higher. QBE was slightly stronger after announcing Australia Pacific chief executive Sue Houghton will retire at the end of CY26.

BHP faces industrial action after unions called an eight-hour strike at its Port Hedland export terminal on July 16. The company has warned that any shutdown could cost more than $100 million in revenue per day.

For more on the sector dynamics, see our commodities analysis and the BHP stock page.