ASX:WPL

Australia Stock Market This Week: ASX 200’s Worst Week Since March as Oil Shock, Fortescue Selloff Bite
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Australia Stock Market This Week: ASX 200’s Worst Week Since March as Oil Shock, Fortescue Selloff Bite

The S&P/ASX 200 dropped 1.8% for the week, closing Friday at 8,786.50, its sharpest decline since mid-March. Cochlear plunged 40.7% after slashing its profit outlook, while CSL hit a multi-year low following the end of a U.S. military vaccine mandate. Miners also fell, offsetting gains in energy stocks driven by Middle East tensions.
April 25, 2026

Stock Market Today

  • Oil Price Hits $100 Amid US-Iran Tensions and Tight Global Supply
    May 26, 2026, 9:08 AM EDT. Oil prices surged past $100 a barrel following US strikes on Iran, raising concerns that the global energy market has passed a critical 'point of no return.' The conflict disrupted shipments through the Strait of Hormuz, previously transporting 20 million barrels daily, leading to significant supply losses. Despite hopes for a diplomatic resolution, petrol stockpiles are critically low, with emergency releases expected to end soon. Analysts warn of a potential 'rude awakening' as demand rises during the summer travel season while supply remains constrained. Saudi Aramco and the International Energy Agency have flagged ongoing risks of prolonged supply shortages into next year if the strait remains closed, contributing to market volatility and sustained tightness in crude oil inventories.