ASX edges higher, oil dives on hopes of Iran deal

Summary

ASX edges higher, oil dives on hopes of Iran deal Updated ,first published The Australian sharemarket has advanced at the open while oil prices have slumped on rising hopes of an end to the Middle East conflict, although US President Donald Trump said he had told his representatives not to rush into any deal with Iran. The S&P/ASX 200 was up 6.7 points, or 0.1 per cent, to 8663.70 in early trade. Crude oil fell 5 per cent to the lowest level in more than two weeks, and the US dollar weakened on expectations that a deal to reopen the Strait of Hormuz and restore oil flows may be near. Senior US officials said that the US and Iran were nearing a deal, though negotiations over key language were continuing and final approval from both sides could still take several days. Trump wrote on Truth Social that the US will not rush to reach an agreement. The US blockade on Iranian ships on the Strait of Hormuz would “remain in full force and effect until an agreement is reached, certified, and signed,” he wrote. A day earlier, Trump said Washington and Iran had “largely negotiated” a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, which before the conflict carried one-fifth of global oil and liquefied natural gas shipments. Trump has repeatedly played up the prospect of an agreement to end the war that the US and Israel started on February 28. “Upside momentum looks set to extend,” IG analyst Tony Sycamore wrote in a note to clients. While any deal could still collapse, “financial markets appear to be, at this point, giving the reports the benefit of the doubt.” Energy stocks fell in early trade on the back of falling crude prices. Woodside Energy lost 3.1 per cent and Santos 2.6 per cent. Refiners Ampol and Viva Energy lost 1.7 per cent and 2 per cent, respectively. Kerry Stokes’ Beach Energy was 2.2 per cent lower after announcing it has sold a 50 per cent interest in an offshore gas field in the Victorian Otway basin to rival producer Amplitude Energy, which is racing to bring more gas to the southern market. Mining stocks are higher, with BHP up 0.2 per cent while Rio Tinto added 0.5 per cent. Fortescue was up 0.1 per cent, with the company announcing former chief executive and executive director Elizabeth Gaines would exit the board on June 30. Gold miners jumped as the price of the precious metal advanced with the expectation that a deal to reopen the Strait of Hormuz will ease inflationary pressures. Northern Star was up 5.2 per cent and Evolution Mining added 2.5 per cent in early trade. Financial stocks are weaker, with Commonwealth Bank and ANZ Bank each shedding 0.5 per cent while National Australia Bank lost 0.2 per cent and Westpac 0.3 per cent. Technology stocks are stronger with WiseTech up 1.4 per cent, Xero rising 0.6 per cent, Technology One advancing 1.3 per cent and NEXTDC inching 0.1 per cent higher. Guzman y Gomez was up 1 per cent. The fast food chain is facing a class action claim in the US for allegedly failing to give workers enough notice when it abruptly shut down its American operations and pulled the pin on its dreams to conquer the world’s biggest fast food market. Chicago-based law firm Haseeb Legal filed the complaint to a US federal trial court in Illinois on Sunday, claiming the Australian-founded burrito maker did not give the mandatory 60 days’ notice after accidentally leaking the news on an internal work platform. The Australian dollar jumped on the back of weakness for the US greenback. The Aussie was trading at US71.57¢ at 10.18am AEST. On Friday, the split between Wall Street and most US households grew wider as US stocks rose to the finish of their eighth straight winning week, the best such streak since 2023. That’s even though a survey showed US consumers are feeling even worse about the economy. The S&P 500 added 0.4 per cent and pulled closer to its all-time high set in the middle of last week. The Dow Jones rose 294 points, or 0.6 per cent, and the Nasdaq composite gained 0.2 per cent. On Wall Street, Estee Lauder jumped 11.9 per cent after saying it was no longer considering a possible merger with Puig, the Spanish fragrance and beauty products company. Workday rose 5.2 per cent, and Zoom Communications jumped 9.2 per cent after both delivered better profit reports for the latest quarter than analysts expected. They’re the latest companies to top analysts’ expectations for earnings for the start of 2026, and the cavalcade of such reports has helped US stocks remain near their records. Stock prices tend to follow the path of corporate profits over the long term. The strength is coming even after a survey of US consumers by the University of Michigan found sentiment fell to a record low, piercing below a bottom in 2022 when inflation peaked above 9 per cent. Households are feeling worried about how bad inflation is now because of expensive oil created by the war with Iran. The yield on the 10-year Treasury edged down to 4.56 per cent, but it remains well above its 3.97 per cent level from before the war. Worries about inflation have climbed so high that traders on Wall Street have eliminated bets that the Federal Reserve will resume its cuts to interest rates later this year. Lower rates would give the economy a boost, but they could also worsen inflation. An important member of the Fed, Governor Christopher Waller, said in a speech: “If I believe inflation expectations start to become unanchored, I would not hesitate to support an increase in the target range for the federal funds rate.” But he also said that is not the case now in his speech titled “Policy Risks Have Changed.” Instead, he said it “is time to simply sit and watch how the conflict and the data evolve.” With AP, Bloomberg, Reuters The Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon. More:

Sources

Staff writersBy Staff writers

Related events

Jun 22, 2026diplomacyUnverifiedUSIsraelIranProxy

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

○ 1 source

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.

India Today World Desk

Summary

Actors involved

Sources

Community Notes

Community Notes

Related events

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

Ship Traffic Through Hormuz Chokepoint Continues As Normalization Efforts Remain "Fragile"

Caught on camera: Qatar’s PM snubs JD Vance in viral video; What went wrong?

Iran's Foreign Minister Hails Progress In Diplomacy, Highlights Lebanon Ceasefire Mechanism