ASX closes lower; energy sector rallies again as crude above USD110 a barrel
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The news: The Australian sharemarket finished lower as conflict escalates in the Middle East but the energy sector rallied as crude oil moved past USD110 ($156) per barrel.
The benchmark ASX 200 index fell 1.65% to 8,497.8 with eight of the 11 sectoral indices in the red.
The energy sector (+5.1%) was the biggest gainer. Viva Energy (+15.2%), Yancoal (+6.8%), Woodside Energy (+7.2%), Karoon Energy (+5.5%), New Hope Corporation (+5.3%), Ampol (+4.6%), Beach Energy (+4.1%) and Santos (+3.2%) were the top eight gainers on the ASX 200.
Meanwhile, the Australian Competition and Consumer Commission has launched a formal investigation into anti-competitive conduct allegations in relation to fuel suppliers Ampol, BP Australia, Mobil Oil and Viva Energy amid diesel availability concerns.
Prime Minister Anthony Albanese announced the establishment of a fuel supply taskforce headed by former Australian Energy Regulator chief executive Anthea Harris.
Executive and board moves:
- Orora (-2.5%) — Appointed Mainland Group’s Paul Victor as the company’s chief financial officer, succeeding Shaun Hughes, effective 4 November 2026.
- Woodside (+7.2%) — Appointed former Anglo American CEO Mark Cutifani to its board.
Other news:
- Star Minerals (-13.6%) — The gold explorer met conditions for the sale of its West Bryah copper-gold project to Catalyst Metals have been met for the total price consideration of $2.75 million.
- Lynas Rare Earths (-2.1%) — Reached first production of samarium oxide at its Malaysian operation.
What’s ahead:
- The Bank of England will make a monetary policy decision today at 11:00pm AEDT.
- The US Department of Labor will release weekly unemployment claims data at 11:30pm AEDT.
- The European Central Bank will make a monetary policy decision on Friday at 12:15am AEDT.
