Oil Surge Past $90 a Barrel Keeps ASX Flat, Energy Jumps

The Australian sharemarket ended Monday little changed, the index up just 7 points. Rising oil prices boosted energy stocks, while weakness in technology and materials kept gains in check.

Brent crude climbed 2.5% to more than US$90 a barrel, its highest since June. Renewed hostilities between the US and Iran, including attacks on vessels in the Strait of Hormuz, fueled supply disruption fears. Tehran said the ceasefire had collapsed.

Energy was the standout sector. Ampol gained 2.1%. Santos rose 1.8%. Woodside added 1.7%. Karoon climbed 2.7% as investors positioned for stronger oil prices.

Tech stocks fell after a soft lead from the Nasdaq on Friday. WiseTech Global dropped 2.6%. Xero and Megaport each slipped 1.1%. Materials also came under pressure. Traders weighed the risk that higher oil prices could keep inflation elevated and delay rate cuts. Rio Tinto lost 1.5%. Evolution Mining fell 1.4%.

Rio Tinto's Alpha Score sits at 62, classified as Moderate, reflecting its current market positioning. RTNTF stock page

Several companies made headlines. South32 was one of the best performers, rising 3% after exceeding FY26 production guidance across its key operations and reporting a 15% lift in quarterly sales volumes.

EQ Resources soared more than 30%. Andrew Forrest's private investment vehicle agreed to acquire a more than 16% stake in the tungsten producer from Oaktree Capital Management.

Deep Yellow climbed more than 8% after awarding $34 million in construction contracts for its flagship Tumas uranium project in Namibia.

Coast Entertainment jumped 12% after securing approval for a 55-hectare mixed-use development at Coomera alongside Dreamworld. Fletcher Building rose after receiving up to NZ$60 million in funding to keep New Zealand's only cement plant operating through at least 2040.