May 17, 2026

The US defence secretary said the US is increasing attacks on Iran and is focused on reducing the country’s military capability

Investor hopes for a swift resolution to the Middle East conflict propelled Australian shares higher today, with the benchmark S&P/ASX 200 finishing the day up 1.1% and recovering about $35bn in value after yesterday’s $90bn plunge.

Oil prices surged to a four-year high early in the week before coming back down below $US90 a barrel after Donald Trump suggested the Iran conflict would end soon, sending global stock markets higher.

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