Updated Jul 20, 2026 – 5.20pm, first published at 7.32amGo to latestPinned post – 4.15PM – Jul 20, 2026ASX finishes flat after oil rises above $US90; Endeavour fallsMatt BellThe Australian sharemarket closed flat on Monday as investors largely stayed on the sidelines after oil advanced to its highest level in more than a month following the US and Iran escalating hostilities in the Middle East.The S&P/ASX 200 Index slipped just 5.4 points to 8791.30 – making it the fifth time in the past seven sessions that the benchmark ended largely where it started the session. It has traded in July within a 120-point range.Five of the 11 sectors closed higher, led by energy stocks after Brent crude rose by 2.7 per cent to $US90.51 per barrel – its highest since June. That followed a weekend of tit-for-tat attacks, including strikes involving vessels transiting the Strait of Hormuz, while Tehran said the ceasefire had effectively collapsed.“Energy stocks acted as the market’s life raft,” Global X ETFs senior investment strategist Marc Jocum said. “While oil has gradually moved higher in recent days, the forward curve suggests markets still expect the latest spike to prove temporary rather than the start of a sustained supply shock.”Jocum said range-bound trading for the ASX in July was surprising given there were plenty of drivers, including budget reforms, geopolitical tensions and euphoria around artificial intelligence. “It seems investors have been left with too many competing signals and too little conviction,” he added.On the ASX, Santos added 2.1 per cent to $7.84, Karoon Energy by 2 per cent to $1.53, and Woodside Energy was up 1.4 per cent to $30.90.Technology, meanwhile, was the worst performer as South Korea’s Kospi fell more than 4 per cent as investors continued to unload stocks linked to AI after China’s Moonshot sparked jitters with its Kimi K3 model.WiseTech Global dropped 3.6 per cent to $33.71, Xero 2.1 per cent to $68.27 and Megaport by 1.1 per cent to $18.03.Materials lost ground as gold traded around $US4000 an ounce, with high oil prices sparking concern that it could feed into US interest rate expectations. Evolution Mining fell 2.1 per cent to $10.31 and Newmont by 1.1 per cent to $128.50.Stocks in focusIn company news, EQ Resources surged 34.1 per cent to 29.5¢ after Andrew Forrest’s investment vehicle agreed to acquire a 16.8 per cent stake in the tungsten producer from Oaktree Capital Management, covering 862.1 million shares and 35.6 million options.South32 firmed 4.6 per cent to $4.08 after it exceeded 2026 production guidance across its key operations, with Sierra Gorda copper, Cannington and manganese assets outperforming expectations in the final quarter. Quarterly sales volumes jumped 15 per cent.Deep Yellow advanced 6.1 per cent to $1.30 after awarding $34 million in civil and concrete construction contracts for its flagship Tumas uranium project in Namibia, ahead of a final investment decision expected in the December quarter.Endeavour Group fell 2 per cent to $3.37 after Morgan Stanley downgraded the company to “underweight” and reduced its price target to $3 as it said the company’s 17 times forward earnings multiple did not reflect the risks of a structurally lower-margin business.Coast Entertainment surged 15.2per cent to 53¢ after the Dreamworld owner secured approval for a 55-hectare Coomera development, opening the door to a major mixed-use precinct alongside its theme park.Webjet lost 1.3 per cent to 39.5¢ even as interim chairman Gary Weiss spent $1 million buying shares in the online travel agency to take his stake in the company to around 6 million.1 / 4