Live: ASX to slip, oil plunges to 3-month low on reports US to scale back Iran sanctions

live Markets live: ASX to slip, oil plunges to 3-month low on reports US to scale back Iran sanctions Oil prices have sunk to a three-month low on reports the US will allow Iran to start selling oil again in a major roll-back of economic sanctions. The Australian share market is likely to fall in morning trade, following significant losses across Wall Street's tech stocks which knocked the S&P 500 and Nasdaq lower. See how the trading day unfolds on our blog. Disclaimer: this blog is not intended as investment advice. Submit a comment or question Live updates Wed 17 Jun 2026 at 8:04am Market snapshot - ASX futures: -0.2% to 8,904 points - ASX 200 (Tuesday close): +0.04% to 8,918 points - Australian dollar: -0.1% to 70.65 US cents - Wall Street: Dow Jones (+0.6%), S&P 500 (-0.6%), Nasdaq (-1.2%) - Europe: Stoxx 600 (+0.3%), DAX (+0.1%), FTSE (+0.6%) - Spot gold: +0.6% to $US4,331/ounce - Oil futures: Brent (-4.4% to $US79.49/barrel), WTI (-5% to $US76.73/barrel) - Iron ore: +0.2% to $US101.65/tonne - Bitcoin: -1.1% to $US65,779 New: Filters Choose what information you see below by using filters Key Event Wed 17 Jun 2026 at 8:31am Trump is offering a 'multibillion-dollar concession to Iran', according to sanctions expert Here are some more details about the US decision to remove oil sanctions on Iran, once both sides sign their much-hyped interim "peace deal" on Friday. According to the Reuters news agency, quoting an unnamed senior US official: The provision for waiving sanctions on Iranian oil sales takes effect once the agreement is signed this week and also covers services including banking, transportation and insurance to facilitate the sales. “This is a performance-based agreement," the official said on condition of anonymity. "Iran can only access any benefits of the MOU [memorandum of understand] if they abide by all of the points they agreed to – including no nuclear weapon, neutralizing its enriched material, and not interfering with the free flow of navigation in the Strait of Hormuz.” Brett Erickson, a sanctions expert and managing principal at Obsidian Risk Advisors, called the move a "multibillion-dollar concession to Iran." "After months of blockade pressures, Washington has chosen to provide Tehran with an irreversible financial benefit," he said. Mr Erickson said Iran has more than 100 million barrels of oil in storage and on tankers that could be easily sold, with more than 60 million barrels of that outside the US blockade. The world uses about 100 million barrels of oil a day. Wed 17 Jun 2026 at 8:13am How the explosion of the ultra-wealthy could threaten democracy Can democracy survive the existence of trillionaires? French economist Gabriel Zucman, one of the world's foremost experts on wealth taxation, isn't so sure. He said anyone celebrating Elon Musk's US$1 trillion fortune needs to understand the fundamental tension between extreme wealth and democracy. "For with the explosion of the wealth of the super-rich has come an explosion of their power. The power to tilt markets, to shape public discourse, to influence policymaking, to stall social progress." "That's how Musk could buy Twitter on a whim for US$44 billion in 2022. That's how [Larry] Ellison can buy TikTok, CBS, and CNN today. That's how billionaires could account for 20 per cent of all political donations in the 2024 election cycle," he said. "As the AI boom is minting billionaires by the day and the first trillionaires are now coming into view, one thing is becoming clearer and clearer. "The battle between democracy and oligarchy will be the defining battle of the 21st century." That's an excerpt from a column that my colleague Gareth Hutchens wrote. You can read more here: Wed 17 Jun 2026 at 8:07am Michele Bullock is still threatening rate hikes, but the market thinks she's bluffing Reserve Bank governor Michele Bullock is fond of saying that hiking the interest rate is only tool the RBA has to get inflation down. But she does have another — her words. When she stepped up to the microphone, Bullock was at pains to jawbone those left with any doubt. "Today's decision does not rule out further tightening in monetary policy if that is what is required to bring inflation down," she emphasised. "In making its decisions, the board will be focused on the data and what that suggests about the outlook and risks." But, despite the tough talk, traders haven't really changed their bets on further rate hikes. From about 30% before the meeting, the odds of an August rate rise have been sitting in the high-20s since the press conference. The market has priced in basically a 50-50 call as to whether rates will rise any further at all. For more, here's the latest analysis from the ABC's business editor Michael Janda: Key Event Wed 17 Jun 2026 at 8:04am Oil prices drop to three-month low, ASX to slip Good morning, and welcome to the ABC's finance blog. I'll be guiding you through the latest market action for the next few hours. Oil prices have fallen sharply, with Brent crude futures down 4.5% to $US79.40 per barrel. This takes prices to a three-month low ... or back to where they were on March 2 (shortly after the US and Israel started their war against Iran). There's a lot of excitement (arguably too much) about the Strait of Hormuz reopening when the US and Iran formally sign their interim agreement to end the war — at a ceremony in Switzerland on Friday (local time). Oil also tumbled on reports the US will allow Iran to immediately begin selling oil and fuel once that agreement is signed. So effectively, it's a major rollback of economic sanctions against Iran. So you can expect the huge drop in oil prices to weigh heavily on Australia's energy stocks later today. On that front, the local share market is on track to open slightly lower (with ASX futures down 0.3%). It comes after a mixed performance on Wall Street — the Dow Jones rise 0.6% to a new record high, while the S&P 500 and Nasdaq Composite fell 0.6% and 1.2% respectively. But first, grab a coffee, tea or whatever you normally have in the morning, and I'll have more updates for you shortly! [Image text:] ASX IMPELUS 0.000 0.0000.00 IMPERIAL PACIFIC 1.5100.0001.51 IMRICORMEDICAL 0.2950.3100.300 IMUGENE 0.22 0.2250.223 INCA MINERALS 0.04 0.0430.043 INCANNEXHEALTI0.3250.3300.330 INCENTIAPAY 0.0090.0130.000 INCITECPIVOT 3.7303.7403.735 INCOME ASSET M 0.1300.1500.1455 INDIANA RESOURC0.064 INDUSTRIN