ASX 200 energy shares outperformed last week, rising 2.66%, as the oil shock continued to plague the global economy. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) fell 1.3% to finish the week at 8,630.8 points. The market turned pessimistic after changes to investment taxes were announced in the Federal Budget on Tuesday. The changes contributed to the largest one-day fall in history for Commonwealth Bank of Australia (ASX: CBA) shares on Wednesday. Five of the 11 market sectors finished the week in the red. Let's review. What happened with ASX 200 energy shares last week? The Brent Crude oil price shot 5.5% higher to US$107 per barrel last week as negotiations to end the Iran war stalled. The Strait of Hormuz, through which about 20% of the world's gas and oil supply is shipped, remained effectively shut down. On Friday, Trading Economics analysts said: The key shipping route remains under a dual blockade that has emerged as a central obstacle in negotiations, with President Donald Trump saying the current ceasefire was on "massive life support" after dismissing Tehran's latest response to his peace proposal. Meanwhile, the IEA reported that crude and fuel flows through the Strait of Hormuz dropped by around 4 million barrels per day in March and April, warning that the global oil market could stay materially undersupplied through October even if the conflict is resolved next month. Meanwhile on the market, the Woodside Energy Group Ltd (ASX: WDS) share price rose 3.99% to close at $31.25 on Friday. The Santos Ltd (ASX: STO) share price lifted 4.79% to $7.88. The Ampol Ltd (ASX: ALD) share price rose 2.49% to $35.05. The Viva Energy Group Ltd (ASX: VEA) share price lifted 2.7% to $2.28. Karoon Energy Ltd (ASX: KAR) shares ascended 6.63% to close the week at $2.09. Beach Energy Ltd (ASX: BPT) shares swung 2.31% higher to $1.11 apiece. ASX 200 market sector snapshot Here's how the 11 market sectors stacked up last week, according to CommSec data. Over the five trading days:
ASX 200 energy shares outperformed last week, rising 2.66%, as the oil shock continued to plague the global economy. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) fell 1.3% to finish the week at 8,630.8 points. The market turned pessimistic after changes to investment taxes were an…
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International mediators have proposed a 10-day ceasefire between the United States and Iran, according to a senior Iranian official cited in reports. The measure is described as intended to reduce hostilities and allow renewed talks on a prior interim agreement.
Both sides are assessing next steps in the current regional security situation.
Reports indicate that a US-Iran ceasefire has broken down amid renewed fighting, with the potential impact of mediation efforts by Pakistan, Qatar, and Oman remaining unclear. Earlier diplomatic steps included a June memorandum of understanding between the parties for further negotiations and talks hosted in Geneva in February.
The summary also references Europe’s historical role in diplomacy, including the 1814-15 Congress of Vienna.
Donald Trump stated in a Fox News interview that his representatives had spoken with Iranian officials an hour earlier and that those officials wanted to make a deal to end the conflict, though he noted they had broken prior agreements and expressed uncertainty about whether one would be reached.
He added that people do not want to die and that Iran would need to proceed carefully to avoid further losses. The remarks come amid an ongoing US-Iran conflict that has involved casualties and shipping disruptions in the Strait of Hormuz, with some social media users criticizing the repetition of similar statements.
Why the Iran-US ceasefire is falling apart Iran and the US have resumed fighting because they don’t see each other as ‘reliable negotiating partners’, says analyst Ali Vaez. Neither Iran nor the United States seems able to deliver a “knockout blow at an acceptable price” to the other side, and both know “they have no choice other than engaging in diplomacy”, but they’re not ready to make uncomfortable concessions, argues Ali Vaez, director of the Iran Project at International Crisis Group.
Vaez tells host Steve Clemons that Tehran and Washington are trying to “enforce their own interpretation” of the ceasefire agreement they signed last month. President Trump has become “frustrated” with diplomacy because he’s not seeing “the kind of quick results that he likes to see”, Vaez says.