ASX almost flat as traders await Gulf developments
Energy stocks have weighed heavily on the Aussie market as the world awaits news on the Iran war. -AAP Image
Australia's share market has ended the session slightly higher despite an escalation of tensions in the Persian Gulf boosting oil prices and dragging on risk sentiment.
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The S&P/ASX200 edged 6.4 points higher on Monday, up 0.07 per cent, to 8,953.3, as the broader All Ordinaries rose 5.3 points, or 0.06 per cent, to 9,174.
The modest uptick came despite discouraging headlines from the Persian Gulf and signs of deadlock between the US and Iran, as each escalated their respective blockades of the Hormuz Strait.
Energy stocks weighed heavily in a broad sector sell-off, conflict concerns putting upward pressure on oil prices.
The Australian dollar is buying 71.49 US cents, down from 71.63 US cents on Friday at 5pm, after briefly spiking above 72 US cents for the first time in nearly four years over the weekend.
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