Updated May 26, 2026 – 4.26pm, first published at 3.51amKey Posts4.17PM — May 26, 2026Shares drop after US strikes on Iran; ASX Ltd suffers worst day ever3.51PM — May 26, 2026Chip bonus boom raises inflation, housing risks for Bank of Korea3.34PM — May 26, 2026Opportunities in European small caps abound: GSFM3.20PM — May 26, 2026Morgans says $490m Mt Marion expansion a boost for MinRes2.58PM — May 26, 2026Worley secures American Electric Power services contract2.41PM — May 26, 2026Formica buys $125k in Magellan shares before Barrenjoey marriageGo to latestPinned post – 4.17PM – May 26, 2026Shares drop after US strikes on Iran; ASX Ltd suffers worst day everMatt BellThe sharemarket fell on Tuesday as crude oil resumed its advance after US strikes in Iran tempered optimism over a potential peace deal to reopen the Strait of Hormuz, which had buoyed equities in recent days.The benchmark S&P/ASX 200 Index closed down 0.4 per cent, or 34.20 points, to 8657.80, with 10 of the 11 sectors finishing in the red.Wall Street was closed on Monday (Tuesday AEST) for the Memorial Day public holiday, with futures pointing to modest gains after the US military attacked sites in southern Iran in what America described as defensive actions.Brent crude rose 2.3 per cent to $US98.34 a barrel following the strikes, after earlier tumbling on reports that US and Iranian officials had agreed in principle to a deal to reopen the Strait of Hormuz, through which about 20 per cent of the world’s energy supply is transported.“The outcome in the Middle East is what all markets are trying to work out,” said VanEck deputy head of investments and capital markets Jamie Hannah. “The strikes had an impact on the market, but information from the US still says a peace deal [is] in progress … which is why market volatility has continued to play out.”The energy sector still finished in the red with Woodside Energy down 0.1 per cent to $30.72 and Santos 0.9 per cent to $7.87, as it flagged a $300 million reduction in capital expenditure from 2027 to 2030. Whitehaven Coal dropped 3.7 per cent to $8.54 as investors took profits after a strong rally in the previous session from a China coal mine explosion.Financials also fell after ASX Ltd plunged 13.2 per cent to $51.03 – its biggest loss on record – after the exchange warned that its cost base and capital spending outlook for the 2026-27 financial year would increase by around 20 per cent on further technology investment.The major banks edged lower after a bearish report on the sector from Morgan Stanley. National Australia Bank fell 0.8 per cent to $37.99, Westpac 0.4 per cent to $36.61, ANZ 0.3 per cent to $35.66, and Commonwealth Bank 0.2 per cent to $164.30.Offsetting those losses were modest gains in mining stocks as copper traded around $US13,680 per tonne and JPMorgan upped its long-term iron ore price forecast to $US90 per tonne. BHP rose 0.4 per cent to $60.35, Fortescue by 0.4 per cent to $21.95, and Rio Tinto by 0.3 per cent to $188.31. South32 climbed 4.8 per cent to $4.63 as the sector’s top performer.Stock in focusIn company news, Fisher & Paykel Healthcare rose 9.2 per cent to $30.05 after reporting a 24 per cent increase in full-year net profit and provided earnings guidance that Citi said was deliberately conservative.Kogan.com rallied 18.6 per cent to $4.08 after it posted a 20.5 per cent lift in second-half sales compared to analyst expectations of 11.7 per cent, thanks to stronger performance within Australia.Infratil lost 4.9 per cent to $12.42 after analysts said its guidance for the new financial year was softer than expected. The infrastructure investor reported earnings of $NZ974 million ($797 million) for the full year.Atlas Arteria rose 0.8 per cent to $4.88 as the toll road operator urged shareholders to reject a $6.9 billion takeover bid from IFM Investors. An independent panel had valued it at $5.39 to $6.20 a share, well above IFM’s $4.75 offer.This concludes our coverage for today. We’ll be back again soon to bring you more live markets news and expert analysis.1 / 5Fetching latest articles