Updated Jun 22, 2026 – 7.58am, first published at 7.33amKey Posts3 mins ago — 7.58AMTakeovers Panel blocks Humm bid to replace committee chair12 mins ago — 7.49AMa2 Milk clears final China regulatory hurdle29 mins ago — 7.33AMEurope’s stocks are back in the lead29 mins ago — 7.33AMASX on edge as Iran’s Strait of Hormuz closure halts oil price drop29 mins ago — 7.33AMGood morningGo to latestPinned post – 7.33AMASX on edge as Iran’s Strait of Hormuz closure halts oil price dropAlex GluyasIran’s claim that it has closed the Strait of Hormuz has cast doubt over a peace deal with the United States and threatens to trigger a fresh jump in crude prices, stoking fears that inflationary pressures could force the Reserve Bank of Australia to lift interest rates for the fourth time this year.The US and Iran were scheduled to meet in Switzerland on Friday (Saturday AEST) for talks on a permanent peace deal, but that was delayed due to a clash between Israel and Iran-backed Hezbollah militants in Lebanon.Iran had made a truce in Lebanon a condition of its preliminary deal with the US. Tehran claimed the conflict in Lebanon violated its interim ceasefire with the US and closed the vital shipping lane, just days after traffic through the strait had resumed. Brent prices rose about 1 per cent to above $US80 a barrel on Friday, paring a near 8 per cent plunge for the week through Thursday.“The war premium [in oil] has been eroding as the market has begun to see a path toward more normal physical flows, greater supply, and a less immediate threat to global inflation,” said SPI Asset Management managing partner Stephen Innes. “But this is not a clean peace dividend. It is a fragile bridge over a still-moving river as [US Vice President] JD Vance heads to Switzerland for the first leg of the peace deal journey.”Talks on a permanent ceasefire are now scheduled to kick off on Sunday (Monday AEST), with top US officials including Vance converging in Switzerland.Uncertainty surrounding a permanent deal being struck is set to weigh on Australian shares. Futures indicate the S&P/ASX 200 will drop 0.2 per cent at the opening bell on Monday, extending its decline from the end of last week. The Australian sharemarket will largely be dictated by the weekend headlines, given US markets were closed on Friday for the Juneteenth public holiday. S&P 500 futures were also down 0.2 per cent, but trading volumes were low.Read more here.Fetching latest articles