Australian shares were flat on Monday after oil prices jumped as the ceasefire between the US and Iran broke down.
The S&P/ASX 200 Index was little changed to close at 8,808.50.
Brent crude oil futures jumped over 4% to trade around $79 per barrel, increasing inflation risks. Iran claimed that it had closed the Strait of Hormuz.
Gold fell past 1% to trade around $4,060 per ounce.
On the domestic front, Australian customers have so far spent over AU$7 billion during this year's FIFA World Cup, with spending increases recorded across key fan categories, according to an ANZ analysis.
Spending increased in various sectors: takeaway food by 6.6%, cafes and restaurants by 5.5%, bars and hotels by 5.2%, and sporting apparel by 9.3%.
In company news, Karoon Energy (ASX:KAR) restored production at the PRA-2 well at its Baúna project in Brazil after reconnecting the umbilical and re-establishing connectivity with the submersible pump. The well came back online on July 6 and is currently producing between 1,000 and 1,200 barrels of oil per day.
Ampol (ASX:ALD) secured a cornerstone investment from KKR in its AU$400 million financing transaction. Ampol will use the funds for refinancing initiatives and other general corporate purposes.
Lastly, oOh!media (ASX:OML) said Pacific Equity Partners, I Squared Capital, and Oaktree Capital Management reconfirmed their non-binding indicative offers to acquire the company at a price range of AU$1.60 to AU$1.65 per share. It plans to continue engagement with all three prospective buyers on diligence and binding documentation.