Australian shares plunged as the US-Israeli war on Iran intensified, erasing nearly $100 billion from the S&P/ASX200 and pushing Brent crude to $US107 a barrel, with the market snapshot taken at about 11: 00 a. m. ET. The sharp moves left the asx on track for its worst day since April 2025 and signaled broad sell-offs across sectors.
Asx energy group the sole winner at about 11: 00 a. m. ET
Energy was the only sector in the green, up 1. 6 percent, with just seven companies in the ASX200 showing gains at about 11: 00 a. m. ET. Woodside climbed 2. 0 percent, Santos rose 2. 1 percent and Whitehaven Coal lifted 3. 1 percent in morning trade. Karoon Energy led all stocks, jumping 9. 1 percent and making it the biggest gainer on the benchmark.
S&P/ASX200 falls 3. 2% as materials and miners take the biggest hit
The S&P/ASX200 slid 3. 2 percent to 8, 566. 3 in early trading, its lowest reading since mid-December, with the materials sector plunging 4. 7 percent and weighing heavily on the index. Copper miners fared worst: Sandfire and Capstone each posted losses of slightly over nine percent, while major miners BHP, Rio Tinto and Fortescue fell 5. 4 percent, 4. 2 percent and 3. 4 percent respectively.
CBA, NAB, Westpac and ANZ deepen declines as gold fails as a haven
All four big banks were sharply lower in morning trade: CBA dropped 3. 8 percent, NAB and Westpac fell 3. 4 percent each, and ANZ slid 3. 1 percent. Gold did not act as a safe haven; the metal was trading at $US5, 082 an ounce, down $75 from Friday, while goldminers Evolution and Northern Star lost 5. 0 percent and 4. 3 percent respectively.
Brent crude spiked to $US107 a barrel, the highest since August 2022, after trading at just over $60 at the start of 2026. The rapid rise in oil prices highlighted risks to energy supply and potential supply shocks tied to the intensifying conflict, a point made by Capital. com analyst Kyle Rodda, who flagged disrupted trade flows through the Strait of Hormuz and attacks on energy infrastructure as key threats.
By the morning snapshot, nearly $100 billion had been wiped from the ASX’s market capitalization, leaving the index on track for its worst single-day percentage drop since April 2025, when it plunged 4. 2 percent amid an earlier market shock.
No specific next event was confirmed in the report; the article’s market snapshot reflected conditions at about 11: 00 a. m. ET and offered the clearest picture of trading through the morning session.
