Daily Market Update: 20 March 2026

ASX (ASX:XJO) tumbles 1.7% as oil surge and rate fears wipe $50bn from market; energy soars, gold miners crushed

The Australian sharemarket tumbled on Thursday as strikes on Middle East energy infrastructure pushed oil sharply higher and strong jobs data kept a May rate rise on the table. The S&P/ASX 200 plunged 142.8 points, or 1.7 per cent, to 8,497.8 – its lowest close since late November – with just three of the 11 sectors higher. Since the Iran conflict began, the benchmark has dropped 7.6 per cent, wiping about $265 billion in value. Brent surged 4.5 per cent to US$112.17 after Iran struck Qatar’s Ras Laffan complex – home to the world’s largest LNG export plant – causing extensive damage, while Israel hit Iran’s South Pars gasfield. Oil pared gains late after President Trump pressed for de-escalation, warning Iran that further attacks on Qatar would prompt the US to “massively blow up” South Pars. Energy led the ASX – Viva Energy (ASX:VEA) jumped 15.2 per cent, Woodside (ASX:WDS) soared 7.2 per cent, Ampol (ASX:ALD) 4.6 per cent and Santos (ASX:STO) 3 per cent. Coal miners rallied on gas disruption fears – Yancoal (ASX:YAL) up 6.8 per cent, New Hope (ASX:NHC) 5.3 per cent. Materials fell almost 5 per cent, nearing bear market territory, as gold miners were crushed after Fed Chair Powell’s inflation warning – Ora Banda Mining (ASX:OBM) dived 14.1 per cent, Northern Star (ASX:NST) 9.5 per cent and Newmont (ASX:NEM) 5.8 per cent. Domestically, unemployment rose to 4.3 per cent but jobs surged to 48,900 versus 20,000 expected – bond markets now fully price two more hikes this year to 4.6 per cent, the highest in 15 years. The Fed held rates at 3.5–3.75 per cent, projecting only one cut this year while raising its inflation forecast to 2.7 per cent. Rate-sensitive stocks were hit – WiseTech (ASX:WTC) fell 7 per cent, Xero (ASX:XRO) 3 per cent and Goodman Group (ASX:GMG) 2.6 per cent.

Lynas (ASX:LYC) produces first samarium oxide; Boss Energy (ASX:BOE) lifts uranium resource

In company news, Lynas Rare Earths (ASX:LYC) slipped 2.7 per cent to $19.85 despite reporting the first production of samarium oxide at its Malaysian processing facility, expanding its heavy rare earth product range as it deepens its position as a key non-Chinese supplier of critical minerals. Boss Energy (ASX:BOE) dropped 6.8 per cent to $1.52 even as it increased the uranium resource at its Gould’s Dam and Jason’s satellite deposits in South Australia – the sell-off reflecting broader risk-off sentiment rather than any issue with the upgrade. Woodside (ASX:WDS) added to its 7.2 per cent rally by appointing former Anglo American chief executive Mark Cutifani as a director, bolstering its board as it navigates the energy price upheaval. Orora (ASX:ORA) retreated 2.5 per cent to $1.92 after appointing Paul Victor as chief financial officer, replacing long-serving finance chief Shaun Hughes.

Wall Street pares losses as Israel moves to reopen Strait of Hormuz; oil drops to US$95, FedEx rallies

Wall Street clawed back most of its losses on Thursday after Israel said it was helping the US reopen the vital Strait of Hormuz, with the S&P 500 paring a 1 per cent drop to finish only modestly lower – though it failed to close above its key 200-day moving average. US crude fell to US$95 in post-settlement trading after earlier spiking higher, as Israeli Prime Minister Netanyahu said Iran can no longer enrich uranium or manufacture ballistic missiles, adding the war would end faster than people think. Treasury Secretary Bessent said the US was looking to remove longstanding sanctions on Iranian oil to help ease surging energy prices. Treasuries rebounded from session lows after a rout driven by fears that major central banks would be forced to tighten policy – across the Atlantic, the Bank of England said it stood ready to act against inflation, sending British short-term yields jumping. Wall Street is also bracing for Friday’s triple-witching event, with roughly US$5.7 trillion in notional options due to expire. In corporate news, FedEx (NYSE:FDX) gave a bullish outlook in late trading, Alibaba (NYSE:BABA) said it aims to quintuple cloud and AI revenue to US$100 billion annually within five years, and Uber (NYSE:UBER) announced plans to invest up to US$1.25 billion in Rivian (NYSE:RIVN) to launch a robotaxi fleet across the US, Canada and Europe.