What is driving the ASX today?

Oil and gold climbed on rising Middle East tensions and potential disruption in the Strait of Hormuz, which lifted energy and gold names. Investors rotated toward resources and safe-haven assets, while banks and travel lagged on margin and fuel concerns. Geopolitics and commodity pricing are the main near-term drivers.

Which sectors benefit most from higher oil prices?

Upstream oil producers and LNG-exposed companies typically see revenue and free cash flow improve when the oil strip rises. Service providers can benefit if activity and capex lift. Airlines and chemicals often face cost pressure, which can weigh on margins unless they pass higher fuel and feedstock costs to customers.

How do Strait of Hormuz risks affect Australian stocks?

The Strait of Hormuz handles a large share of global oil flows. Any disruption or delay can add a risk premium to crude and LPG, boosting earnings for local producers. It can also raise fuel and freight costs for transport and industrials, while amplifying volatility across rate-sensitive and consumer names.

Are gold miners ASX still attractive after the rally?

They can be, if the A$ gold price stays firm and costs remain contained. Focus on balance sheets, mine life, and all-in sustaining costs. Consider scaling entries rather than chasing strength. Diversifying across larger producers and select developers can help manage operational and commodity risk during volatile periods.

Global Market Insights

ASX Today, March 02: Energy, Gold Surge Cushion Market on Iran Risk

ByHuzaifa Zahoor March 2, 2026

ASX today closed near record highs as oil and gold surged on Iran risk and potential disruption in the Strait of Hormuz. Energy and gold miners outperformed, while banks and travel lagged. Investors rotated to resources and havens as geopolitics lifted commodity pricing power. We outline sector impacts, earnings sensitivities, and what to watch in the days ahead for Australian portfolios, including how a higher oil strip and a stronger A$ gold price may shape FY25 to FY26 results.