ASX 200 closes higher as oil prices surge on escalating Middle East tensions

The renewed strikes on Lebanon a day after a fragile two-week ceasefire being established between US/Israel and Iran led to a relatively flat day on the ASX with the bourse recording slight gains.

The ASX 200 index gained 21.4 points, or 0.24 per cent, to 8,973.20, while the broader All Ordinaries was up 3.2 points to 9,168.90.

Only four of the 11 sectors finished in the green, led by energy which recorded a 2.58 per cent lift, while Information Technology fell 6.46 per cent.

Among the biggest fallers was WiseTech Global which plummeted 10.9 per cent to $38.62.

“The rebound in crude oil prices has weighed heavily on the ASX200 Tech sector, which has given back almost all of yesterday’s impressive 7.31% gain,” market economist Tony Sycamore from IG said.

This follows oil prices edging back up 2.4 per cent to $US97.06.

Woodside Energy gained 3.96 per cent to $33.33, while Santos jumped 2.45 per cent to $7.95. Ampol rose by 3.46 per cent to $33.23, and Viva Energy went up 3.31 per cent to $2.50.

Ampol and Viva’s gains came off the back of the federal government announcing Export Finance Australia had agreed to terms allowing them to bring in more fuel to Australia.

Regional bank Bendigo and Adelaide Bank Limited was one of top performing stocks, up 8.41 per cent, following a deal with two technology firms slashing its workforce to save $65 million year-on-year.

The bank also beat expected cash profits of $138 million in the March quarter.

The big four also saw some slight growth with NAB at the top of the leaderboard, having a 2.18 per cent jump to $45.50, while ANZ climbed 1.07 per cent to $38.75.

Westpac added 1.67 per cent to $42.65 and Commonwealth Bank rose 1.29 per cent to $182.53.

The Australian dollar has remained flat against the US Dollar, with the local currency buying 70.3 US cents.