ASX 200 Ends Flat as Oil Spike Hits Miners

Brent crude oil rose above US$107 per barrel, its highest level since the interim Iran deal. The ASX 200 index closed at 8,749.9, up 0.10 percent. This gain masked broad weakness across the broader market. In the S&P/ASX 300, decliners outnumbered advancers by 142 to 134. The All Ords index added 0.04 percent to finish at 8,923.9. Small Ords fell 0.61 percent to 3,347.1. The All Tech index dropped 0.33 percent. According to GN auto markets/indices: market indices, the session reflected a defensive tilt in investor positioning.

Commodity producers face heavy losses

Rising energy costs and inflation fears pressured the materials sector. The Materials index fell 0.55 percent to 24,163.8. Uranium stocks suffered the steepest declines. Deep Yellow dropped 8.8 percent to close the session. Paladin Energy fell 6.9 percent and NexGen Energy lost 4.5 percent.

Lithium equities continued their downward trend. GFEX lithium carbonate futures closed at their lowest level since December 31, 2025. Prices are now more than 35 percent below the May peak. Mineral Resources declined 4.4 percent. Vulcan Energy Resources fell 3.8 percent and IGO lost 3.4 percent.

Defensive stocks support the index

Health care led sector performance with a 1.52 percent gain. The sector index closed at 31,216.7. CSL rose 2.7 percent, providing key defensive support. Consumer staples also advanced 0.61 percent. These gains offset losses in other key areas of the market.

Financials added 0.43 percent, finishing at 9,187.0. Energy stocks climbed 0.38 percent, with Santos gaining 1.6 percent. Utilities rose 0.33 percent. Information technology lagged, falling 1.14 percent to 1,634.7. Industrials dropped 0.35 percent.

Currency and futures reflect caution

The Australian dollar weakened against the US greenback. AUD/USD fell 0.41 percent to 0.7142. US equity futures showed mixed signals. The S&P 500 futures contract rose 0.80 percent. Nasdaq futures gained 0.86 percent. Dow Jones futures fell 0.02 percent.