Market drops after US strikes on Iran; ASX Ltd tumbles on costs spike; Atlas Arteria expert says IFM bid undervalues stock; Formica ups Magellan stake; JPMorgan ups iron ore outlook. Follow live.

The Australian sharemarket closed in the green while oil prices fell, amid rising hopes of an end to the Middle East conflict.

Optimism about a US-Iran deal boosts shares and $A; coal miners rally on China mine disaster; Guzman y Gomez faces potential US lawsuit; Charter Hall jumps on guidance upgrade.…