Oil jumps, Wall Street retreats as Hormuz blockade reinstated
Global markets reacted to the reinstatement of a US blockade on Iranian oil tankers in the Strait of Hormuz. While the S&P/ASX 200 finished flat, energy stocks saw significant gains due to rising oil prices.
Why it matters
The blockade threatens global energy supply chains and increases geopolitical tensions between the US and Iran, potentially driving up worldwide fuel costs.
— 10:37am , first published July 14, 2026 — 5:21am
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Share A A A The Australian sharemarket clawed back an early spate of losses on Tuesday, finishing the day completely flat as continued uncertainty about the United States and Iran’s battle for control of the Strait of Hormuz worried global markets.
Unusually, the S&P/ASX 200 closed exactly flat, making no overall gains or losses, ending the day precisely where it started at 8808.5 points. Seven of 11 industry sectors posted gains. The market fell as much as 43 points, or 0.5 per cent, around midday but recovered all of those losses as the afternoon wore on, thanks to a continued rally in energy stocks.
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