Australian Stocks Fluctuate as Iran Attacks U.S. Bases

The S&P/ASX 200 Index rose 1.01 percent to 9,038.50 on Wednesday, July 29, 2026, pushing the benchmark above the 9,000 mark. This rally was driven by strong performance in mining and technology, with Appen surging over 20 percent, and supported by an unexpected drop in Australia's annual inflation rate to 3.8 percent for June.

Market sentiment shifted on Thursday, July 30, as the index declined 0.14 percent to 9,025.80, ending a three-session winning streak. The dip followed sharp losses across major Wall Street indices. While Domino's Pizza shares surged nearly 9 percent on high profits, these gains were offset by losses in gold mining and technology firms.

Geopolitical volatility heavily influenced energy markets. Crude oil prices initially fell to $79.00 per barrel amid optimism over a potential U.S.-Iran resolution. However, prices spiked 7 percent, with West Texas Intermediate crude reaching $84.81, after Iran launched surprise attacks on United States military bases in Jordan. This followed a period of tension in Iraq where U.S. and Saudi forces had previously struck Tehran-backed targets. While Donald Trump claimed the U.S. and Iran were negotiating, Iran denied these talks, asserting it only discussed the management of the Strait of Hormuz with Oman and Saudi Arabia.