FEAR & GREED | Business News Afternoon Report | Iran conflict sends oil prices higher
5 snips
Mar 2, 2026 Markets react to a Middle East flare-up that sent oil and gold sharply higher. Energy and mining stocks jump while the ASX200 holds steady. Corporate profits rise strongly in the December quarter led by mining and wholesale. A major corporate takeover shakes up the financial sector. A US mass shooting and its unfolding investigation are briefly reported.
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Energy Gains Offset Weakness To Leave ASX Flat
- The ASX 200 closed essentially flat as energy and gold gains offset broader sector weakness.
- Karoon Energy jumped 15% and Woodside rose 7%, lifting the Energy Subindex 5.5% while tech fell about 3%.
Middle East Conflict Sends Oil And Gold Higher
- Middle East conflict pushed oil sharply higher and lifted gold as safe havens while the dollar strengthened.
- Oil was trading about 7% up and gold rose above $5,355 an ounce amid attacks spreading across a dozen countries.
Australian Corporate Profits Jump Led By Mining
- Australian corporate profits rose nearly 6% in the December quarter, beating expectations and marking a second strong quarter.
- Mining profits led with an 8% jump while wholesale trade and accommodation also improved; retail was flat.