Australian shares declined at Tuesday's close as markets faced uncertainty as the stalemate in the talks to end the conflict in the Middle East continued.
The S&P/ASX 200 Index fell 0.64%, or by 55.70 points, to close at 8,710.70.
Brent crude oil futures rose 1% to reach $109.52 per barrel. The Strait of Hormuz continued to be closed, and the US was reviewing Iran's latest proposal to resolve the conflict in the Middle East.
On the domestic front, the ANZ-Roy Morgan Australian consumer confidence rose 3.5 points to 67.8 in the week of April 20 to April 26.
Headline inflation is forecast to have risen 1.4% quarter-on-quarter, partly due to higher fuel prices in March, and the Reserve Bank of Australia is still expected to lift the cash rate by 25 basis points at its May meeting, according to ANZ economist Sophia Angala.
In company news, European Lithium (ASX:EUR) signed an agreement to combine with Nasdaq-listed Critical Metals through the acquisition of all of the company's issued securities via a scheme of arrangement at an exchange ratio of 0.035 Critical Metals shares for each European Lithium share, with each shareholder receiving Critical Metals scrip at an implied value of AU$0.58 per European Lithium share held, if the proposal is implemented. Its shares soared 46% at market close.
Whitehaven Coal (ASX:WHC) said managed run-of-mine (ROM) production reached 9.5 million tonnes in the fiscal third quarter ended March, including 4.1 million tonnes from Queensland and 5.4 million tonnes from New South Wales. Its shares closed up 4%.
Lastly, Beach Energy (ASX:BPT) produced 4.8 million barrels of oil equivalent in the quarter ended March 31, slightly down from 4.9 million barrels of oil equivalent in the same period last year. Sales volumes fell to 5.3 million barrels of oil equivalent from 6.4 million barrels of oil equivalent, while sales revenue was down to AU$419 million from AU$552 million. Its shares were down 1% on market close.