ASX Soars on Middle East De-escalation, Oil Prices Plummet

The Australian stock market experienced a 1% gain on July 27, 2026, as tensions in the Middle East eased. The S&P/ASX 200 Index rose to 8,856.40 following reports that the United States and Iran had paused military strikes.

This development led to a decline in crude oil prices, with Brent futures falling by 4.9% to $92.02 per barrel and West Texas Intermediate dropping over 5%. The decrease in oil prices helped alleviate concerns about market inflation, benefiting sectors such as technology, mining, and finance.

Technology stocks were among the top performers on the ASX, with Xero gaining 5.6% and WiseTech Global rising by 4.3%. Major miners BHP, Rio Tinto, and Fortescue also experienced gains exceeding 1%, according to reports from the Sydney Morning Herald.

However, energy producers faced losses following the drop in oil prices, with Woodside Energy dropping 2.5% and Santos declining by 3.9%. Despite this, Santos announced its initial condensate export from the Barossa gas project to South Korea.