Adrian BlackJuly 7, 2026 — 6:37amAustralia’s sharemarket has resumed its decline after a container ship in the Strait of Hormuz was hit by a projectile, testing a fragile truce between the US and Iran.The S&P/ASX200 fell 27.1 points on Tuesday, down 0.31 per cent to 8803.9, as the broader All Ordinaries lost 32.3 points, or 0.36 per cent, to 9004.7.Mining giants BHP and Rio Tinto lost ground on Tuesday.The raw materials sector extended an early loss to more than 2.6 per cent by the close after the strike on a Qatari liquefied natural gas container ship put upward pressure on oil prices and reignited global growth fears.Crude prices remain at pre-conflict levels, with analysts tipping the US-Iran ceasefire will be extended – perhaps with occasional disruptions – until at least the US midterm elections in early November.IG market analyst Tony Sycamore said: “When you look at what is happening with the crude oil price, it seems to be fairly comfortable that nothing too inflammatory is going to come out of the news today, but then you look at the big miners and the gold stocks, and they’re being absolutely pummelled.”The All Ordinaries gold sub-index fell more than 4 per cent as the precious metal slipped to $US4124 ($5944) an ounce, handing back some recent gains after a weak US jobs report sparked less-hawkish rhetoric from new US Federal Reserve chairman Kevin Warsh.Mega miners BHP and Rio Tinto were also under selling pressure as copper and iron ore prices dipped in the afternoon. BHP lost 1.9 per cent and Rio fell 1.8 per cent.Banks and IT stocks helped offset some of the losses, as the financials and technology segments advanced more than 1 and 2 per cent, respectively.Westpac was the best of the big four banks, up 2.4 per cent to $36.13, as the financial sector soared to its highest value since May 11, the day before the federal government flagged a raft of investment tax reforms later softened by a series of exceptions.“I feel like the carve-outs certainly eased some concerns there around the budget; the housing market hasn’t really responded to those, obviously,” Sycamore said.“But the other part is that the market seems to be becoming more comfortable with the view that the RBA has tightened [interest rates] enough, so I like what I’m seeing in the banking sector.”The rally in IT stocks came as logistics software provider WiseTech Global surged more than 5 per cent after billionaire co-founder Richard White said he would step down as chairman of the logistics software company he built, handing the role to independent director Raelene Murphy.The move comes amid a collapsing share price and repeated allegations about his personal life, which White said he “strenuously and unequivocally” denies.In other company news, Nine Entertainment shares improved after it signed a deal to retain the free-to-air rights to broadcast the NRL and NRLW seasons from 2028 until 2034.The Australian dollar is buying US69.44¢, up from US69.28¢ on Monday at 5pm.Overnight in the US, the S&P 500 rose 0.7 per cent and pulled back within 1 per cent of its all-time high, even though most stocks within the index fell. The strength of AI companies sent the Nasdaq composite 1.1 per cent higher, and the Dow Jones Industrial Average rose 155 points, or 0.3 per cent, to a record.AI stocks have swung sharply in recent weeks on concerns that their prices shot too high. Doubts are rising about whether all the dollars flowing into AI chips and data centres can possibly create enough gains in productivity and profits to recoup investments.Broadcom was one of the strongest forces, lifting the S&P 500. It rose 3.7 per cent after announcing long-term agreements to provide silicon products to Apple. It was coming off consecutive losses of more than 2 per cent on Wednesday and Thursday, before Friday’s holiday in advance of the Fourth of July.The global appetite for AI from investors will face an additional test later this week when SK Hynix, the South Korean maker of computer memory, plans to raise $US28 billion by selling shares of stock that will trade in the United States on the Nasdaq. That would make it one of the biggest US offerings ever, behind SpaceX’s IPO from last month, which raised $US75 billion.SK Hynix’s stock in Seoul has more than tripled this year because of the AI boom, but its day-to-day swings have included sharp losses in recent weeks. It fell 14.6 per cent on Thursday, for example.Stock in SpaceX, which owns the xAI business, has likewise swung following its ballyhooed initial public offering.It erased an early gain to fall 1 per cent in the last day of trading before it is scheduled to join the Nasdaq 100 index of the largest non-financial stocks on the exchange. That inclusion will make funds such as the QQQ exchange-traded fund, which mimic the index, to buy SpaceX themselves.In the oil market, prices drifted after OPEC+ announced on Sunday that seven of its members planned to expand oil production by a combined total of 188,000 barrels a day in August. It was the fifth straight month that OPEC+ members have agreed to raise output, moves that tend to weigh on oil prices.The price of a barrel of Brent crude, the international standard, fell 0.2 per cent to $US71.99. That’s close to where it was before the United States and Israel attacked Iran in late February and sent prices surging.The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.More:SharesInvestingBondsCommoditiesCurrenciesOnline tradingFrom our partners