Australian shares continued their rally on Monday after the US and Iran said they had reached a deal to reopen the critical Strait of Hormuz.
The S&P/ASX 200 Index jumped 1.25%, or 110 points, to close at 8,914.
US President Donald Trump said that the US and Iran would sign the agreement on Friday, and the Strait of Hormuz would open. Brent crude oil fell over 4% to around $83 per barrel.
On the domestic front, capital city housing prices in Australia are forecast to fall 2.1% this year and 3.3% in 2027, ANZ Research said. The bank had previously forecast 2.8% growth in 2026 and 2.1% in 2027. It attributed the reduction in forecasts to a combination of global uncertainty, three consecutive cash rate hikes, and recent housing policy changes, which have led to a sharper-than-expected slowdown in the housing market.
In company news, Vault Minerals (ASX:VAU) is on track to deliver fiscal year 2026 gold production guidance of 332,000 to 360,000 ounces after achieving production of 306,542 ounces in the fiscal year to date through May.
Woodside Energy Group (ASX:WDS) confirmed in a bourse filing that it is not engaged in talks on a potential transaction with Exxon Mobil after media reports said it was among several potential acquisition targets being evaluated by the US energy giant.
Ora Banda Mining (ASX:OBM) entered into a AU$233 million engineering, procurement, and construction contract with GR Engineering Services (ASX:GNG) to deliver a 3 million tonnes per annum processing plant at Ora Banda Mining's Davyhurst Mill Expansion Project in Western Australia.