Market Wrap / crude awakening

Stocks around the Asia-Pacific region fell Tuesday, as oil prices climbed to a one month high after US President Donald Trump announced America would reinstate a blockade on Iranian shipping in the Gulf and impose a 20% fee on cargo passing through the Strait of Hormuz. Locally, the benchmark S&P/ASX 200 index closed flat at 8808.50 points. The energy sector rose 2% after oil prices jumped more than 9% overnight on concerns that conflict in the region could threaten shipments through the Strait of Hormuz. Mining stocks declined tracking weaker iron ore prices, as markets assessed the potential impact of production cuts by Chinese steelmakers. Rio Tinto slipped 0.3% ahead of its second-quarter production report due Wednesday. Gold miners fell as bullion prices weakened amid expectations that US interest rates could remain elevated for longer. In company specific news, Steadfast rose about 1% as it announced global private equity firm KKR has joined a non-binding $6-per-share buyout proposal. SKS Technologies closed flat, despite winning $28 million in an early works contract. And Light & Wonder jumped 8% after reaffirming FY26 guidance. Elsewhere Genesis Minerals and Vault Minerals agreed to a $12.6 billion merger to create a major Australian gold producer targeting 600,000–700,000 ounces of annual output. Tonight, US earnings season ramps up with JPMorgan, Goldman Sachs and Citigroup among those reporting. A 2.9% year-on-year lift in US CPI is expected, while US Federal Reserve Chairman Kevin Warsh will testify at a government committee.