Mid-Market: S&P/ASX 200 Trading Lower; Oil Surged More Than 10% Due To Mideast Conflict

Source: Kapitales Research

On 02 March 2026, at AEDT 11:30 AM, the benchmark index S&P/ASX 200 is trading lower today, declining 47.10 points or 0.51%, and is currently trading at 9,151.50 levels. Out of 11, 8 sectors are trading lower along with the decline in the S&P/ASX 200.

The Energy and Consumer Staples sectors are the top 2 gaining sectors, gaining 5.02% and 2.30% in their index values. On the other hand, Financial and Information Technology sectors are the top 2 declining sectors, declining 2.45% and 2.35% in their index values.

Karoon Energy Limited (ASX: KAR) and Droneshield Limited (ASX: DRO) are the top-gaining stocks, gaining 13.592% and 12.569% in their stock prices. On the other hand, Macquarie Group Limited (ASX: MQG) and Siteminder Limited (ASX: SDR) are the top-losing stocks and are declining by 6.872% and 6.667% in their stock prices.

Factors influencing the market-

• Australian share market retreated from record levels following a US-led strike that reportedly killed Iran’s Supreme Leader, Ali Khamenei, along with several senior regime officials. The escalation triggered a sharp rise in oil prices, with Brent crude surging as much as 13% at the open to US$82 per barrel. Gold gained 1.5% after Iran responded to the US-Israel strike with retaliatory attacks targeting nearby Gulf states, including Iraq, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman.
• Lynas Rare Earths climbed 5.5% after Malaysia’s atomic energy regulator confirmed a 10-year extension of its operating license, securing approval through to 2036.
• Ampol advanced following an updated review by the ACCC, which reduced the number of EG Australia sites flagged for potential competition concerns to 54 across 51 regions, down from 115 identified in January, in relation to the proposed acquisition.
• Web Travel declined 5% amid ongoing disruption to global aviation. The update coincided with chief financial officer Tony Ristevski retracting the resignation he had announced in November.
• The Dow Jones closed down by 1.05%, S&P 500 declined by 0.43% and Nasdaq was down by 0.92% in the previous session.
• Hang Seng is up by 0.95%, and FTSE 100 is up by 0.59%.

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