ASX Jumps as Oil Prices Fall on Trump Iran Remarks
Australia's S&P/ASX 200 gained 0.8 percent in early trade on November 10 after US President Donald Trump said the Iran war was effectively over. Brent crude fell 5.9 percent, Wall Street rallied overnight, and miners, banks and airlines led the advance while energy stocks slipped.
Australia's S&P/ASX 200 index rose 0.8 percent in early trade on Tuesday, November 10, 2026, as oil prices fell on hopes of an end to the Iran war. Falling energy costs lifted miners, banks and airlines.
The benchmark was up 70.20 points at 9099.90 shortly after 10:30am Sydney time, with eight of its 11 industry sectors advancing. It had edged up 0.9 percent on Monday. The Australian dollar strengthened to 69.23 US cents.
Trump's comments move oil
US President Donald Trump said over the weekend it was "highly unlikely" he would order extensive strikes on Iran. He said that depended on the country signing a "very strong agreement."
"Iran, militarily, is effectively over," Trump told reporters. He said the US was keeping the situation at the status quo at the request of Iran's neighbors.
Brent crude, the global benchmark, sank 5.9 percent to settle above US$92 a barrel. That is the lowest since August, even though attacks in the region continue.
Hopes of a breakthrough have also grown after the Democratic sweep of the US midterm elections, which adds pressure on Washington to seek an exit from the conflict.
Who gained and who lost
Mining and financial stocks, which make up more than half of the ASX, led the early gains. Energy stocks fell. Woodside slipped 0.9 percent and Santos 1.3 percent.
Companies with large fuel bills rose. Qantas Airways gained 2.4 percent and Virgin Australia 2 percent.
BHP climbed 1.5 percent and Rio Tinto 1.6 percent. Gold miners also advanced, with Northern Star and Evolution Mining each up 2.1 percent. Softer fuel prices could slow inflation and ease pressure on central banks to raise interest rates, a headwind for gold stocks because they pay no interest.
Among the Big Four banks, Commonwealth Bank of Australia rose 0.9 percent, Westpac 0.7 percent and ANZ 0.2 percent. National Australia Bank dropped 1.2 percent.
Goodman Group jumped 2.9 percent, leading real estate investment trusts higher. Scentre rose 0.9 percent, Vicinity 1 percent and Stockland 2.6 percent.
In technology, WiseTech Global and NextDC each climbed 2.5 percent, and Megaport rallied 4.8 percent. Life360 plunged 6 percent after releasing third-quarter results.
Wall Street rebounds
US stocks recovered most of last week's big loss. The S&P 500 jumped 2.3 percent, its best day since April, leaving it 3.4 percent below the record high set last month.
The Dow Jones Industrial Average rose 2.2 percent and the Nasdaq composite gained 2.7 percent. Nvidia, one of Wall Street's most influential stocks, sank even as the broader market surged.
Constellation Energy climbed 10.5 percent after the power company reported summer profit and revenue above analysts' expectations. The company has benefited from recent deals to supply power to data centers for big tech firms.
