Daily Market Update: 13 March 2026

Australian market sell-off amid oil shock

The S&P/ASX 200 Index (ASX: XJO) fell 114.50 points to 8,629, wiping roughly $40 billion from the Australian sharemarket as escalating conflict in the Persian Gulf pushed oil prices sharply higher. Brent crude surged 9.7 per cent to $US100.86 per barrel after attacks on two tankers in Iraqi waters forced Iraq to halt port operations and prompted Oman to evacuate vessels from the export terminal at Mina Al Fahal. Wilson Asset Management warned the turmoil could trigger a broader economic shock as higher energy prices and uncertainty threaten global growth momentum.

Energy producers were the only major gainers on the local market. Woodside Energy Group Limited (ASX: WDS) rose 2.1 per cent to $31.05, Karoon Energy Limited (ASX: KAR) jumped 4.8 per cent to $1.98 and Ampol Limited (ASX: ALD) climbed 2.9 per cent to $30.27 as oil prices rallied. Coal stocks also surged, with Yancoal Australia Limited (ASX: YAL) leaping 10.5 per cent to a 52-week high of $7.71 and Whitehaven Coal Limited (ASX: WHC) gaining 6.7 per cent to $9.29 amid rising coal prices and upgraded forecasts from UBS.

Australian sectors and company movers

The prospect of an interest rate rise in Australia next week weighed on most sectors. Technology stocks fell sharply with Xero Limited (ASX: XRO) dropping 4.1 per cent to $78.48 and WiseTech Global Limited (ASX: WTC) losing 2.6 per cent to $47.96, while property names slid including Goodman Group (ASX: GMG) down 3.3 per cent and Scentre Group (ASX: SCG) falling 1.4 per cent. Mining and banking stocks also declined as risk appetite weakened, with BHP Group Limited (ASX: BHP) down 1.9 per cent, Newmont Corporation (ASX: NEM) losing 2.9 per cent, Rio Tinto Limited (ASX: RIO) falling 1.4 per cent, ANZ Group Holdings Limited (ASX: ANZ) down 2.5 per cent and National Australia Bank Limited (ASX: NAB) dropping 2 per cent.

Global markets pressured by geopolitical tensions US equities also declined as investors reacted to the escalating Gulf conflict and surging oil prices. The S&P 500 Index (SP: SPX) and Dow Jones Industrial Average (INDEXDJX: DJI) both fell 1.5 per cent while the Nasdaq Composite Index (NASDAQ: IXIC) dropped 1.7 per cent. Brent crude moved above $US100 per barrel after Iran signalled the Strait of Hormuz should remain closed, overshadowing the International Energy Agency’s coordinated release of 400 million barrels from emergency reserves. Financial stocks were weak, with Morgan Stanley (NYSE: MS) falling 4.1 per cent after capping withdrawals from private credit funds, while investors largely expect the US Federal Reserve to keep interest rates unchanged next week. Meanwhile, the US trade deficit narrowed sharply to $54.5 billion in January as exports rose to a record $302.1 billion while imports declined modestly.