Australian Stocks Decline as US-Iran Tensions Spike Oil Prices

The Australian stock market experienced a two-day decline starting July 13, 2026, with the S&P/ASX 200 index falling below the 8,800.00 level and eventually closing at 8,781.90 on Tuesday. The downturn was characterized by widespread weakness in technology stocks and gold miners, though losses were partially offset by gains in the big four banks and energy companies such as Woodside Energy and Beach Energy.

On Monday, shares in Dateline Resources surged nearly 26% after the United States Department of Justice filed documents opposing a legal challenge to the Colosseum gold and rare earths project in California. However, broader market sentiment soured by Tuesday following negative cues from Wall Street, where the Nasdaq slumped 1.6 percent.

Global volatility increased as crude oil prices surged over 9 percent to $78.28 per barrel for August delivery. This spike was driven by intense attacks between the United States and Iran over the weekend of July 11-12, 2026, which renewed geopolitical tensions in the Middle East.