Staff writersUpdated June 12, 2026 — 10:47am,first published June 12, 2026 — 5:15amThe Australian sharemarket surged higher after President Donald Trump signalled the US was close to a deal with Iran, fuelling hopes for an end to the war that has roiled global markets.The S&P/ASX 200 was up 139.6 points, or 1.6 per cent, in early trade, with nine of 11 industry sectors in the green. Energy stocks are lower, with oil prices slumping more than 4 per cent overnight before extended their losses in early Asian trade on Friday.Wall Street soared as soon as Trump made his announcement.APTrump said on his social media network on Friday morning that “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved” and that the time and place of a signing will “be announced shortly.” The news sent Wall Street higher and send oil prices falling.Mining stocks soared as commodities prices jumped, with BHP up 3.2 per cent, Fortescue rising 1.9 per cent and Rio Tinto advancing 2.7 per cent. Gold miners soared as the price of the precious metal rose, with Northern Star jumping 6.3 per cent and Evolution Mining adding 5.6 per cent.Financial stocks were stronger with all big four banks advancing. Commonwealth Bank jumped 1.3 per cent, National Australia Bank added 0.9 per cent, Westpac rose 1 per cent and ANZ Bank was 1.7 per cent higher.Energy stocks slumped on the back of falling oil prices. Brent, the international standard, was 1.6 per cent lower in early Asian trade at $US88.95 a barrel while WTI was fetching $US86.25. Woodside Energy slumped 2.3 per cent and Santos slid 1.5 per cent in early trade on the ASX. Refiner Viva Energy fell 3 per cent and Ampol was down 1.7 per cent.Tech stocks were mixed in early trade, with WiseTech dipping 0.1 per cent and Xero flat, but NextDC jumped 2.8 per cent and Technology One added 0.4 per cent.The Australian dollar was trading at US70.44¢.Overnight, Wall Street halted a two-day drop, with the S&P 500 climbing 1.8 per cent, the Dow Jones adding 1.9 per cent and the tech-heavy Nasdaq jumping 3.3 per cent.Another clear signal that Trump has apparently “very little appetite” to escalate the war caused crude prices to drop and gave a fresh boost to risk assets, noted Kyle Rodda at Capital.com.Elsewhere, SpaceX raised $US75 billion ($106.4 billion) in the IPO, pricing 555.6 million shares at $US135 each. At the IPO price, it has a market value of $US1.77 trillion. Accounting for employee stock options and restricted share units, the pricing gives it a fully diluted valuation of about $US1.8 trillion.Space Exploration Technologies Corp, as it is officially known, has given the underwriting banks an over-allotment option to buy an additional 83.3 million shares at the IPO price, the statement shows, which would increase the size of the deal to about $US86 billion if fully exercised. The IPO drew demand for more than four times the available shares, Bloomberg News reported.“An IPO boom is great for investor confidence and will help boost the entire stock market,” said veteran strategist Louis Navellier. “There is no doubt that we remain in the midst of a FOMO (Fear of Missing Out) market, so the investor stampede is expected to persist.”On Wall Street, Adobe lost 6.3 per cent after it said that its chief financial officer would depart the company, leaving the company without a top tier of veteran leadership after chief executive officer Shantanu Narayen announced in March that he would step aside. Intel jumped 9.3 per cent as Bank of America Corp. turned bullish on the chipmaker and upgraded it to a buy rating. Oracle sank8.5 per cent after the company reported quarterly capital expenses that were higher than estimates.In the bond market, the yield on the 10-year Treasury eased to 4.48 per cent from 4.55 per cent late Wednesday as falling oil prices meant less upward pressure on inflation.Stocks of smaller companies can feel the biggest benefit from easier interest rates because many need to borrow cash to grow, and the Russell 2000 index of the smallest US stocks jumped a market-leading 2.6 per cent.In stock markets abroad, indexes rose modestly in Europe following a mixed finish in Asia.From our partners