Live: ASX to climb, oil drops on US–Iran deal hopes

Lead

Australian share market futures point to a higher open, buoyed by hopes of a diplomatic resolution in the US-Iran conflict and a strong session on Wall Street. Oil prices have fallen as traders bet on a potential peace deal, while SpaceX’s record-breaking initial public offering drew global attention.

Coverage Comparison

Reporting from ABC Australia across several days shows a market reacting sharply to developments in the Middle East. One report noted that ASX 200 futures were pointing higher after oil fell overnight on hopes of a diplomatic off-ramp in the US-Iran conflict, with Wall Street also edging up and the S&P 500 adding 0.17 per cent.

In a separate report, the futures market tipped the ASX 200 to jump more than 1 per cent as a shaky peace held in the Middle East. This followed comments from US President Donald Trump that he would hold off on a planned attack on Iran at the request of Gulf state leaders, according to the same outlet.

The positive sentiment extended to a report that the local share market was poised to open about 1.7 per cent higher after Wall Street rallied overnight. That report also noted that Brent crude plunged more than 4 per cent after Trump called off scheduled strikes on Iran and signalled the US was close to a deal.

However, the coverage also captured negative swings. One report said the ASX was set to fall after Wall Street pulled back from record highs as renewed Iran war fears hit risk appetite, with oil prices climbing on fresh Middle East tensions. Another said the Australian market was set to fall after Wall Street closed down, following Trump's threat that the US military was "going to be attacking" Iran if no peace deal was agreed. That report also noted gold plunged 4.5 per cent.

Oil prices moved in tandem with the diplomatic headlines. One report described Brent crude dropping almost 3 per cent overnight as oil traders bet on a peace deal, while another said oil prices had sunk to a three-month low on reports the US would allow Iran to start selling oil again in a major roll-back of economic sanctions.

Key Claims

• ASX 200 futures were pointing to a gain of about 1.7 per cent after Wall Street rallied, as reported by ABC Australia.
• Brent crude fell more than 4 per cent after US President Donald Trump called off planned strikes on Iran and signalled a potential deal.
• Oil prices dropped to a three-month low on reports the US would allow Iran to resume oil sales.
• SpaceX set a $US135-a-share IPO price and raised a record $US75 billion, according to ABC Australia.
• Gold plunged 4.5 per cent on a day when Trump threatened military action against Iran, as reported by the same outlet.
• Wall Street indices were mixed in some sessions, with the S&P 500 adding 0.17 per cent on one day and falling 2.3 per cent on another.