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Highlights
The Australian share market began the day with modest gains as the ASX 200 reflected upward momentum across key industries. Leading the charge were companies within the energy and transportation sectors. This came as oil producers rallied after a significant increase in global crude prices, following heightened geopolitical developments in the Middle East.
Notable gains were seen in companies listed across ASX 100 and ASX 50 indices, with Woodside Energy Group Ltd (ASX:WDS) and Santos Ltd (ASX:STO) showing strong performance. Other energy players including Karoon Energy Ltd (ASX:KAR), Beach Energy Ltd (ASX:BPT), and Ampol Ltd (ASX:ALD) also moved higher in early trade. The uptick mirrored the global price surge in West Texas Intermediate crude.
Qantas Rebounds After Previous Session Drop
Qantas Airways Ltd (ASX:QAN) was the top-performing stock on the All Ordinaries index during morning hours. The rebound followed a previous dip triggered by the announcement of Jetstar Asia’s shutdown. Despite concerns raised by the closure, the airline’s strong domestic operations and route strategies contributed to renewed momentum at market open.
Market focus remained on the broader travel and aviation space, with sector participants monitoring how evolving conditions in Asia and the Middle East may influence fuel costs and route planning.
Oil Stocks Surge on US Embassy Developments
Energy stocks recorded sharp gains following reports that the United States is preparing to partially evacuate its Iraq embassy. The decision, linked to elevated security conditions in the region, has intensified concerns over supply chain disruptions in oil production. This led to a rapid increase in global crude benchmarks, especially US West Texas Intermediate.
This surge translated into positive sentiment across domestic oil producers, particularly those with export exposure or international operational links. Santos Ltd (ASX:STO) and Woodside Energy Group Ltd (ASX:WDS) were the key contributors to the early momentum on the ASX.
Luxury Retail Weakens on International Trade Friction
Cettire Ltd (ASX:CTT), a luxury online retail platform, experienced sharp declines after updates regarding ongoing market challenges. The company indicated that shifts in global tariff policies, especially those affecting US trade flows, have continued to weigh on consumer demand and operational planning.
The broader retail sector saw a mixed start, with some resilience observed among domestic-facing brands, while international retailers navigated ongoing uncertainty in overseas demand patterns.
Wall Street Influence and Domestic Response
Australian shares reflected cautious optimism after a mixed close on Wall Street, where major indices like the Dow Jones and Nasdaq showed slight shifts in opposite directions. Declines in major US tech stocks coincided with slightly softer inflation data, which offered temporary relief to markets reacting to tariff developments.
The local market responded by focusing on sectors less impacted by global tech swings, particularly energy, aviation, and select consumer staples. With international developments shaping sentiment, traders continued to monitor oil trends and diplomatic moves closely.
