Australia's share market has notched its best week since October 2022, despite slipping ahead of key US-Iran ceasefire talks and with little sign Iran's Hormuz Strait blockade is easing.
US stocks rose Thursday, even though oil prices did too, as financial markets moved more modestly a day after surging on optimism about a ceasefire in the war with Iran.
Australia's share market has edged slightly higher, as a fragile ceasefire between the US and Iran hangs in the balance and a key oil transit route remains restricted.
Australia has called on Israel to end its attacks on Lebanon after a ceasefire deal was struck with Iran, warning that any ongoing fighting puts the flow of oil through the Strait of Hormuz at risk.
Australia's share market is trading at its highest level since early March after the US and Iran struck a two-week ceasefire, easing soaring oil prices and boosting investor confidence.
Iran's foreign minister says ships will be allowed to pass through the Strait of Hormuz over the next two weeks under co-ordination from Iran's military.
The local share market has backed off from an early rally, with oil prices inching higher before a US ultimatum to Iran to make a deal or face further attacks on civilian infrastructure.
The war in the Middle East will lead to higher inflation and slower global growth, says the head of the International Monetary Fund ahead of next week's global forecast for the world economy.
Aussie shares have tumbled and oil is surging, after US President Donald Trump threatened to send Iran "back to the Stone Ages" while declaring his military campaign nearly complete.
Wall Street ended higher on Wednesday, with strong gains in Alphabet and other heavyweights, after US President Donald Trump suggested an end to the Middle East conflict could be close.
Australia's share market has bounced sharply on optimism the US will wind down its military campaign against Iran, but doubts remain and aftershocks from the conflict are likely to linger.
US stocks surged to their best day since last spring, and the Dow Jones Industrial Average soared 1,125 points on Tuesday as doubt swung back to hope on Wall Street about a possible end to the war with Iran.
The Australian share market has closed higher following reports US President Donald Trump is willing to wind up its military campaign against Iran without first reopening the Strait of Hormuz.
The Australian share market has fallen again after oil rose to near a four-year high, amid fears another strategic Middle East waterway could become an energy choke point.
US stocks tumbled on Friday, with each of the three major US indexes closing at their lowest levels in over seven months and the Dow confirming it was in correction territory as the month-long Middle East war continued to suppress risk appetite.
Australia's share market has snapped a three week losing streak, but uncertainty hangs over investor sentiment as an oil supply route remains effectively blocked.
Australia's government insists it still has not received any direct requests from the United States for military aid in its war with Iran, after a public attack from President Donald Trump.
