Australian Shares Rise as U.S.-Iran Conflict Boosts Energy Stocks

The S&P/ASX 200 index rose for three consecutive sessions, closing at 8,902.50 on July 23, 2026, after a 0.90 percent increase. This growth followed a modest 0.13 percent rise on July 22, lifting the index to 8,804.80. The rally was primarily driven by the energy and mining sectors, with BHP Group, Rio Tinto, and Fortescue all seeing gains of more than 1 percent.

Market activity was influenced by divergent trends in global indices. While Wednesday's gains were supported by positive Wall Street performance, Thursday's rally occurred despite negative closes for the Nasdaq, S&P 500, and Dow Jones Industrial Average. Other individual movements included a surge in SkyCity Entertainment shares after the company agreed to sell Auckland's Grand Hotel to reduce debt, while Lynas Rare Earths shares plunged nearly 8 percent due to production drops at its Mount Weld plant.

Global crude oil prices rose significantly, reaching $86.96 per barrel by July 23. This price spike was attributed to supply disruption concerns in the Strait of Hormuz, resulting from the United States conducting at least 10 consecutive days of attacks on Iran.