Banks, miners drive ASX higher on Iran hopes; Oil slides

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Banks, miners drive ASX higher on Iran hopes; Oil slides Updated ,first published The Australian sharemarket has made a bright start to the session, following Wall Street higher, on rising hopes that the United States and Iran can agree to a peace deal to end the war in the Middle East. The S&P/ASX 200 was up 49.6 points, or 0.6 per cent, to 8730.1 in early trade, with four of its 11 industry sectors in positive territory. On Tuesday, the bourse dropped 0.2 per cent as the Reserve Bank unveiled its third-straight interest rate rise, with governor Michele Bullock warning that inflation would remain high for at least another six months. The Australian dollar was trading at US72.08¢ at 10.32am AEST. US President Donald Trump said “great progress” has been made on a final agreement to end the war with Iran. US efforts to move ships through the Strait of Hormuz will be paused, but a naval blockade will remain in place, Trump said in a Truth Social post. His Secretary of State Marco Rubio earlier said America has achieved its objectives in its military campaign. “Operation Epic Fury is concluded,” Rubio said. “We’re not cheering for an additional situation to occur.” The news sent oil prices lower. West Texas Intermediate dropped toward $US100 a barrel, after sliding 3.9 per cent on Tuesday, while Brent closed near $US110. “Our base-case for markets and the economy has been that there will be a near-term resolution between the US and Iran, allowing for energy prices to fall after the Strait of Hormuz is reopened,” said Chris Senyek at Wolfe Research. Local energy stocks slid lower on the declining crude prices, with Woodside Energy down 1.3 per cent and Santos dropping 0.5 per cent. Local refiners Ampol and Viva Energy also retreated, down 0.9 and 0.4 per cent, respectively. AGL edged up 0.2 per cent as it announced it had increased the lower end of its 2026 financial year guidance. It said it expected underlying profit after tax of $610 million to $680 million, up from a previous guidance of $580 million to $680 million. “AGL is well-placed for at least the next three months during the global fuel crisis, with current diesel storage near capacity for the generation assets, and expects ongoing supply as an essential services provider,” the company said. Financial stocks advanced across the board following Tuesday’s rate rise, with Commonwealth Bank up 1.5 per cent, Westpac 1.8 per cent, National Australia Bank 2.2 per cent and ANZ Bank 1 per cent. Iron ore miners were also stronger in early trade, with BHP adding 0.7 per cent, Rio Tinto 0.1 per cent and Fortescue 0.3 per cent. Gold miners lost ground, with Northern Star shedding 1.6 per cent and Evolution Mining 0.2 per cent. Toll road operator Atlas Arteria rose 0.4 per cent to $4.81 after knocking back a $4.75-a-share takeover bid from its biggest shareholder IFM Investors, saying it was too low. IFM launched the bid last month in a deal valuing the company at up to $7.4 billion, arguing Atlas has underperformed on returns, strategy and operations. The firm already owns 34 per cent of Atlas. Technology stocks were mixed, with WiseTech up 1.1 and data centre operator NextDC up 0.6 per cent, but TecHnology One was flat and family tracking app Life360 lost 3.1 per cent. Overnight on Wall Street, the S&P 500 climbed 0.8 per cent to top its prior all-time high set at the end of last week. The Dow Jones added 356 points, or 0.7 per cent, and the Nasdaq composite set its own record after rallying 1 per cent. Even with the war ongoing, the US stock market has remained remarkably resilient on its record-setting run. That’s in large part due to the strong profits that US companies have reported for the first three months of 2026 despite the rise in oil prices since the end of February. “This has been a ‘why ask why’ market,” according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “You just have to go with it.” Even though many risks are still weighing on the market, “investors are looking at earnings” and how much companies are spending on AI data centres and other investments, he said. Pinterest jumped 6.9 per cent after the online bulletin board topped Wall Street’s first-quarter sales and profit targets as its number of active monthly users jumped 11 per cent to 631 million. AB InBev likewise topped analysts’ profit forecasts, and it credited growth for its Corona, Stella Artois and Michelob Ultra brands outside of their home markets, among other factors. “Cheers to beer,” CEO Michel Doukeris said, as the company’s stock trading in the US climbed 8.7 per cent. They helped offset a drop for Palantir Technologies, which fell 6.9 per cent even though it reported stronger results for the latest quarter than analysts expected. Its stock has struggled this year on worries about increased competition, like many software companies have. Its stock is also coming off a huge run where it more than doubled in each of the last three years. In the US bond market, Treasury yields eased following oil’s drop in price and reports on the US economy that came in mixed. One report said growth for US services businesses unexpectedly decelerated last month, with some companies saying the war is slowing spending. A separate report said US employers were advertising slightly more job openings at the end of March than economists expected, an encouraging signal for the job market. With AP, Bloomberg The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.

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US-Iran Peace Deal Live: Iranian President to visit Pakistan on Tuesday as peace talks yield 60-day roadmap

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Advertisement US-Iran peace deal US-Iran Peace Deal Live: Iranian President to visit Pakistan on Tuesday as peace talks yield 60-day roadmap New Delhi,UPDATED: Jun 22, 2026 19:20 IST US-Iran Peace Deal News Live Updates: US-Iran diplomacy gained momentum after a marathon round of talks in Switzerland produced what mediators Pakistan and Qatar described as a roadmap for a final agreement within 60 days.

US Vice President JD Vance said Tehran had agreed to allow nuclear inspectors into the country and work on mechanisms covering frozen Iranian assets, regional ceasefires and the Strait of Hormuz. Vance said discussions on nuclear inspections could begin as early as this week, while technical teams will remain engaged even after Iran's top negotiators returned to Tehran following 18 hours of intensive negotiations.

The talks also established a communication channel to help ensure safe commercial shipping through Strait of Hormuz and a mechanism aimed at preventing renewed fighting in Lebanon between Israel and Hezbollah. Despite the diplomatic progress, tensions remained visible.

Iran had briefly closed the Strait of Hormuz over the weekend, accusing the United States of failing to uphold commitments to halt fighting in Lebanon. However, mediators said discussions were held in a constructive atmosphere and yielded encouraging progress.

Iranian President Masoud Pezeshkian is set to visit Pakistan on Tuesday in a trip expected to focus on bilateral cooperation and follow-up discussions on Islamabad's mediation efforts. Meanwhile, a fragile ceasefire in Lebanon largely held, marking the longest lull in violence in three months of conflict.

Lebanese officials reported near-total adherence to the truce despite isolated incidents, while Israeli leaders insisted any final agreement must ensure Iran cannot use future financial relief to support military activities or regional proxy groups.

Follow IndiaToday.in for the latest updates....Read More Iranian President Masoud Pezeshkian is expected to arrive in Pakistan on a one-day visit on Tuesday. (File Photo: Press TV) 2 Jun 22, 2026 19:20 IST US-Iran Deal: Iranian President to visit Pakistan Iranian President Masoud Pezeshkian will make a one-day visit to Pakistan on Tuesday, Iranian officials said.

Habib Abbasi, director-general of public relations at the presidential office, said the trip will focus on implementing previous agreements and exploring new trade opportunities. Pezeshkian is also expected to "express appreciation" for Pakistan's role in mediating between Iran and the United States, according to Tasnim news agency.

Jun 22, 2026 19:14 IST US-Iran Deal: Here's what happened so far - US Vice President JD Vance said talks with Iran made significant progress, with Tehran agreeing to allow nuclear inspectors, establish mechanisms for handling frozen assets and support efforts to manage regional ceasefires.

- Speaking after negotiations in Switzerland, Vance said discussions on nuclear inspections could begin as early as this week and confirmed that technical talks would continue in the coming days and weeks. - Iran’s senior negotiating team departed Switzerland for Tehran after 18 hours of intensive discussions, while technical experts remained behind to continue work on the Islamabad memorandum of understanding.

- Pakistan and Qatar, which mediated the talks, said Washington and Tehran agreed on a roadmap aimed at reaching a final agreement within 60 days and described the first round of negotiations as encouraging. - The two sides also agreed to establish a mechanism to help prevent clashes in Lebanon and create a communications channel to safeguard commercial shipping through the Strait of Hormuz, a vital route for global oil supplies.

- The talks followed an interim agreement reached last week and continued despite renewed tensions after President Donald Trump threatened military action against Iran and Tehran warned Washington over its rhetoric. - Iranian President Masoud Pezeshkian is scheduled to visit Pakistan on Tuesday for a one-day trip.

Iranian officials said he would discuss bilateral cooperation and express appreciation for Islamabad’s role in facilitating US-Iran diplomacy. - A ceasefire in Lebanon largely held on Monday, marking the longest period of relative calm in nearly three months of conflict between Hezbollah and Israel, although isolated incidents were still reported.

- Lebanese security officials said adherence to the ceasefire had been "almost total" since Saturday evening, despite reports of limited Israeli military activity in southern Lebanon and drone flights over Beirut. - The conflict in Lebanon has remained a major test for the interim US-Iran agreement, with Tehran previously accusing Washington of failing to ensure an end to hostilities and briefly reimposing restrictions in the Strait of Hormuz.

- Vance said progress had also been made toward reducing tensions in Lebanon, while negotiators worked to establish safeguards aimed at preventing future escalation. - Iranian Foreign Minister Abbas Araqchi said Tehran had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development programme under the broader diplomatic framework.

- Oil prices, which surged after tensions disrupted shipping through the Strait of Hormuz, fell further after the latest round of talks, easing concerns about global supply disruptions. - Pakistani Prime Minister Shehbaz Sharif described the negotiations as constructive and said the first round of talks had concluded successfully, laying the groundwork for a broader peace agreement.

- Israeli officials signalled support for a diplomatic resolution but stressed that any final deal must ensure Iran cannot use financial relief or released assets to fund military activities or regional proxy groups.

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