Closing Bell: ASX slides 0.27pc as Israel-Iran conflict sets oil and gold prices alight
The ASX fell 0.27pc as tensions between Israel and Iran escalated. Oil prices surged 4pc, and gold rose 1.38pc, lifting energy and utilities.
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Oil surges 4pc as Israel-Iran conflict breaks out
Increased volatility pushes gold higher, climbing 1.38pc
Energy and utilities sectors take flight, up more than 4pc each
Israel carries out airstrike on Iran
About five hours ago at the time of writing this update, Israel actioned an airstrike against Iran, killing Revolutionary Guard Commander Hossein Salami and allegedly hitting “dozens” of nuclear and military targets.
Israeli Prime Minister Benjamin Netanyahu took to Youtube to address the world, saying his country had launched "a targeted military operation to roll back the Iranian threat to Israel's very survival".
Israeli Defence Minister Israel Katz said the nation expects Iran to retaliate with missile and unmanned aerial vehicle attacks.
US Secretary of State Marco Rubio said the US was not involved in the attacks, and urged Israel to avoid targeting US interests within the region.
Oil and gold surge, ASX flounders
Predictably, oil prices have surged in response, while the ASX has overall beaten a hasty retreat, sliding 0.27% lower with 8 of 11 sectors down.
Brent crude has hiked more than 4% to US$69.77 at time of writing, while gold added 1.38% to US$3425.99 an ounce.
Surging oil prices provided support for the energy and utilities sectors, which have both rocketed higher, up more than 4% each.
The ASX All Ord Golds index also responded swiftly, gaining 4.37% and lifting the ASX 200 Resources index by 0.66% despite the greater materials sector moving 0.22% lower.
Within the energy sector, Karoon Energy (ASX:KAR) has surged 10%, Woodside (ASX:WDS) is up 7.5%, and Santos (ASX:STO) 4.6%.
For utilities the biggest gains were enjoyed by Origin (ASX:ORG) which added 6%, AGL (ASX:AGL) up 4% and Meridian Energy (ASX:MEZ), adding 1.3%.
ASX SMALL CAP LEADERS
Today’s best performing small cap stocks:
| Security | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| RAN | Range International | 0.0015 | 50% | 17142 | $939,290 |
| PLY | Playside Studios | 0.21 | 45% | 2923235 | $59,337,210 |
| KGD | Kula Gold Limited | 0.01 | 43% | 17524286 | $6,448,776 |
| REZ | Resourc & En Grp Ltd | 0.018 | 38% | 898234 | $8,731,309 |
| SLA | Solara Minerals | 0.195 | 26% | 694247 | $8,987,648 |
| AAU | Antilles Gold Ltd | 0.005 | 25% | 605718 | $9,245,471 |
| CTN | Catalina Resources | 0.005 | 25% | 27442520 | $9,704,076 |
| MEM | Memphasys Ltd | 0.005 | 25% | 1850532 | $7,934,392 |
| OVT | Ovanti Limited | 0.0025 | 25% | 1300174 | $5,587,030 |
| ROG | Red Sky Energy. | 0.005 | 25% | 8341400 | $21,688,909 |
| OLY | Olympio Metals Ltd | 0.036 | 24% | 25625 | $2,553,952 |
| HFR | Highfield Res Ltd | 0.155 | 24% | 439824 | $59,259,630 |
| DAL | Dalaroometalsltd | 0.042 | 24% | 2253388 | $8,464,365 |
| ATG | Articore Group Ltd | 0.225 | 22% | 155114 | $52,676,230 |
| ADG | Adelong Gold Limited | 0.006 | 20% | 802466 | $10,343,383 |
| ALY | Alchemy Resource Ltd | 0.006 | 20% | 200000 | $5,890,381 |
| BLZ | Blaze Minerals Ltd | 0.003 | 20% | 16939864 | $3,917,370 |
| GLL | Galilee Energy Ltd | 0.006 | 20% | 200000 | $3,535,964 |
| ICG | Inca Minerals Ltd | 0.006 | 20% | 3043331 | $7,881,950 |
| RDN | Raiden Resources Ltd | 0.006 | 20% | 10880428 | $17,254,457 |
| TON | Triton Min Ltd | 0.006 | 20% | 200000 | $7,841,944 |
| NSB | Neuroscientific | 0.067 | 20% | 872198 | $8,097,873 |
| HTM | High-Tech Metals Ltd | 0.23 | 18% | 137280 | $10,763,210 |
| SIO | Simonds Grp Ltd | 0.165 | 18% | 69553 | $50,386,903 |
| CCM | Cadoux Limited | 0.035 | 17% | 601741 | $11,127,528 |
Making news…
Selected by the Brazilian BNDES and FINEP to receive rare earths refinement-focused funding, Ionic Rare Earths (ASX:IXR) joint venture Viridion has gained access to a finance pool totalling US$1.44 billion.
The JV delivered its first shipment of high purity magnet rare earths to Brazilian magnet manufacturing partners CIT SENAI in May 2025.
Netting a 2% royalty on future production and $6 million in cash, Juno Minerals (ASX:JNO) has offloaded the Mount Mason iron ore project to Gold Valley Yilgarn.
The new owners are targeting first mine by the middle of 2026. JNO is focused on its Mt Ida magnetite project, host to the largest magnetite resource in the Yilgarn region at 1846Mt at 29.48% iron.
ASX SMALL CAP LAGGARDS
Today’s worst performing small cap stocks:
| Security | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| DGR | DGR Global Ltd | 0.003 | -40% | 6327345 | $5,218,480 |
| FHS | Freehill Mining Ltd. | 0.005 | -38% | 5297011 | $25,868,222 |
| BMO | Bastion Minerals | 0.002 | -33% | 66886718 | $2,710,883 |
| PAB | Patrys Limited | 0.001 | -33% | 43052603 | $3,086,171 |
| SFG | Seafarms Group Ltd | 0.001 | -33% | 1880561 | $7,254,899 |
| G50 | G50Corp Ltd | 0.14 | -26% | 2354159 | $30,513,555 |
| RDS | Redstone Resources | 0.003 | -25% | 971324 | $4,137,069 |
| SP8 | Streamplay Studio | 0.007 | -22% | 2727401 | $11,532,281 |
| VPR | Voltgroupltd | 0.145 | -22% | 219023 | $19,825,007 |
| GAS | State GAS Limited | 0.019 | -21% | 631079 | $9,422,421 |
| W2V | Way2Vatltd | 0.006 | -20% | 600000 | $10,596,436 |
| CZN | Corazon Ltd | 0.002 | -20% | 550949 | $2,961,431 |
| MGU | Magnum Mining & Exp | 0.004 | -20% | 10853500 | $5,608,254 |
| MRD | Mount Ridley Mines | 0.002 | -20% | 292846 | $1,946,223 |
| SKK | Stakk Limited | 0.004 | -20% | 52435 | $10,375,398 |
| TYX | Tyranna Res Ltd | 0.004 | -20% | 1119997 | $16,442,127 |
| VRC | Volt Resources Ltd | 0.004 | -20% | 2771856 | $23,423,890 |
| FCT | Firstwave Cloud Tech | 0.013 | -19% | 911424 | $27,416,299 |
| RAS | Ragusa Minerals Ltd | 0.013 | -19% | 351938 | $2,281,581 |
| CKA | Cokal Ltd | 0.03 | -17% | 1590245 | $38,842,163 |
| ICE | Icetana Limited | 0.025 | -17% | 1569979 | $13,144,280 |
| ANR | Anatara Ls Ltd | 0.005 | -17% | 290750 | $1,280,302 |
| GGE | Grand Gulf Energy | 0.0025 | -17% | 1516666 | $8,461,275 |
| LIT | Livium Ltd | 0.01 | -17% | 13819883 | $20,286,085 |
| OLH | Oldfields Holdings | 0.02 | -17% | 347666 | $5,113,419 |
TRADING HALTS
Adriatic Metals (ASX:ADT) – potential corporate transaction
Investigator Resources (ASX:IVR) – cap raise
IN CASE YOU MISSED IT
As part of a drill-for-equity arrangement, Miramar Resources (ASX:M2R) is partnering with Topdrill for drilling at the high-priority 8 Mile gold target.
Resolution Minerals (ASX:RML) expects to increase its visibility, liquidity and accessibility for North American investors with an OTCQB Markets listing nearing completion.
Having met all conditions precedent, Norfolk Metals (ASX:NFL) will move ahead with an earn-in agreement for the Carmen copper project in Chile’s Atacama region.
Renascor Resources (ASX:RNU) has taken another step towards becoming a battery anode materials producer after South Australia approved its development application for a commercial-scale manufacturing facility.
LAST ORDERS
DY6 Metals (ASX:DY6) says it’s well-funded to ramp up exploration at its Cameroon rutile and heavy mineral sands projects after obtaining a 100% stake in both the Central rutile project and Douala HMS project.
DY6’s initial exploration results at the Central rutile project have confirmed it hosts both heavy mineral sands – prospective for rutile, ilmenite, zircon and monazite – as well as saprolite-hosted natural rutile, a form of titanium feedstock.
At Stockhead, we tell it like it is. While DY6 Metals is a Stockhead advertiser, it did not sponsor this article.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Closing Bell: ASX slides 0.27pc as Israel-Iran conflict sets oil and gold prices alight
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