Company Interview / the open: Oil prices dive 📉 ASX to rise

Global investor sentiment improved as oil prices fell sharply after US President Donald Trump declared the Middle East war could be over soon, despite the US and Israel intensifying their strikes on Iran. The local market is set to open build on yesterday's recovery with ASX futures up 0.3%.  

The optimism about an end to war initially boosted stocks on Wall Street before momentum was lost on renewed military threats and concerns of economic stagflation. Chipmakers were higher with Nvidia, SanDisk and Western Digital posting solid gains. 

The United States and Israel have continued to bomb targets in a day described by both the Pentagon and Iranians as the most intense airstrikes of the war so far. Iran's Revolutionary ​Guards have said they would block oil shipments from the Gulf unless US and Israeli attacks cease. 

Oil prices plunged by more than 11% overnight, the steepest percentage drop in 4 years. Gold has been buoyed by a softer US dollar and easing inflation concerns. And Bitcoin is back above $70,000. 

The US dollar index is down 0.3% on the day, whilst the Australian dollar has strengthened to US71.2 cents.