ASX Edges Higher Despite Oil Price Slide

Australian shares gained modestly on Monday as oil prices retreated following reports of potential de-escalation in the US-Iran conflict. The S&P/ASX200 rose by 42.5 points, up 0.47% to 9019.3, while the broader All Ordinaries advanced 41.4 points, or 0.45%, to 9178.4.

The local energy sector underperformed, dipping 1.2% after oil prices fell. Michael McCarthy, chief executive of Moomoo Australian and NZ, noted that investors have given the US 'grace and favour' over its claims about peace in the Middle East.

Volatility on Wall Street left many uncertain about market direction, with some analysts predicting a more radical movement in US shares. Iron ore futures fell to a 13-month low of less than $US94 ($134) a tonne, weighing heavily on Fortescue stocks.