Live: Oil prices surge after US launches strikes on Iran, ASX to slip after Wall Street's tech sell-off

live Markets live: Oil prices surge after US launches strikes on Iran, ASX to slip after Wall Street's tech sell-off The Australian share market is likely to fall in morning trade after a sell-off across technology and artificial intelligence (AI) stocks knocked Wall Street's tech index, the Nasdaq Composite, sharply lower. Oil prices surged after the US confirmed it launched strikes on Iran, after three commercial ships were attacked near the Strait of Hormuz. 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 8 Jul 2026 at 7:54am Market snapshot - ASX futures: -0.4% to 8,749 points - ASX 200 (Tuesday close): -0.3% to 8,804 points - Australian dollar: -0.4% to 69.3 US cents - Wall Street: Dow Jones (-0.3%), S&P 500 (-0.5%), Nasdaq Composite (-1.2%) - Europe: FTSE (+0.1%), Stoxx 600 (-0.7%) - Spot gold: -1.5% to $US4,103/ounce - Oil (Brent crude): +6.4% to $US76.56/barrel - Iron ore: +0.1% to $US98.10/tonne - Bitcoin: -0.3% to $US63,758 Prices current around 7:40am AEST New: Filters Choose what information you see below by using filters Key Event Wed 8 Jul 2026 at 8:24am 📢 Call-out: Have you been affected by the Telstra outage? At this stage, we're still trying to determine how widespread this Telstra outage is. Here's what we know so far: - According to Transport NSW, trains are not running between Newcastle Interchange and Maitland on the Hunter Line due to "an external telecommunication issue". - All regional train services in Victoria have been suspended - Taxi passengers are reporting they are unable to complete payments. - Customers of Boost, Aldi, Tangerine, Belong and Everyday Mobile are also reporting outages. These mobile providers operate on Telstra's network. Have you been affected by the Telstra outage? We'd like to hear from you if you've been seriously inconvenienced by this latest 'telco fail' — or if you're running a small business and suddenly find yourself unable to accept payments. You can either email me at [email protected] or you can leave a comment on this blog. Key Event Wed 8 Jul 2026 at 8:21am Telstra outage impacts public transport in several states This outage is a big deal for the Australian economy, given how intertwined the Telstra network is with so many sectors. There has been a fallout across transport networks: - All regional train services in Victoria have been suspended, operator V/Line says - Canberra's public transport authorities are working to fix an information outage with its ticketing system, MyWay+ - In regional NSW, there are no trains running between Newcastle and Maitland this morning You can follow along with the dedicated Telstra blog, open a new tab: Key Event Wed 8 Jul 2026 at 8:06am Telstra outage: Mobile network crashes nationwide, causing transport and payment delays Telstra customers across the country are reporting that the provider's mobile network has crashed, potentially leaving millions of Australians unable to make phone calls or access the internet. Users of other mobile providers that operate on Telstra's network, including Boost, Aldi, Tangerine, Belong and Everyday Mobile, are also reporting outages. However, the outage does not appear to be affecting all the telco's customers, with some reporting on social media that they are still able to make calls, access the internet, or both. Calls to Triple Zero (000) should be unaffected by the outage, with calls rerouted to use other providers' mobile networks. All regional train services in Victoria have been suspended, and taxi passengers are reporting they are unable to complete payments. For more details, here's the story by Andrew Thorpe: Key Event Wed 8 Jul 2026 at 8:02am ASX to open lower after Wall Street's tech and AI sell-off The Australian share market is likely to begin its day slightly lower, following the flare-up in Middle East hostilities. ASX futures were down 0.4% by around 7:55am AEST. It also doesn't help that Wall Street finished its day in the red, with the S&P 500 falling 0.5% to 7,504 points. The Nasdaq Composite dropped 1.2% to 25,819 points as technology and artificial intelligence (AI) stocks were sold off. The Dow Jones Industrial Average slipped 0.3% to 52,925 points. The Dow briefly hit a new record high earlier in the session before losing ground. The Australian dollar, meanwhile, is slightly weaker at 69.2 US cents. Key Event Wed 8 Jul 2026 at 7:54am US launches 'powerful strikes’ on Iran, oil prices surge 6pc Good morning, and welcome to the ABC's finance blog — and what a morning it's been! Starting with the Middle East, there has been a major escalation in US-Iran hostilities. The US military confirmed that it has launched a series of strikes against Iran. "US Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping," a US military statement said. It was unclear what specifically the US targeted, but Iranian media said six projectiles hit the area of Taheroui pier in Sirik in southern Iran. Overnight, three commercial vessels were struck by projectiles in the Strait of Hormuz, attacks which the US has attributed to Iran. Oil prices surge, US revokes Iran's partial sanctions relief Iran also attacked a Qatari liquefied natural gas (LNG) tanker while it was transiting near the Strait of Hormuz, according to Majed al Ansari, spokesperson for Qatar’s Ministry of Foreign Affairs. "We demand that the Islamic Republic of Iran immediately cease all practices that undermine regional security or threaten the safety of international maritime navigation," Dr al Ansari said in post on X. "We hold it fully legally responsible for this attack and for any resulting damages and consequences." Meanwhile, the US Treasury Department has revoked a 60-day licence that had authorised the sale of Iranian oil. Oil prices spiked as a result of this latest flare-up in Middle East tensions, with Brent crude futures surging 6.4% to $US76.56 per barrel. That's an increase of $US4.56 per oil barrel in just a few hours! Anyway, grab a coffee, tea, toast, or whatever you normally have in the morning, and I'll have more updates for you shortly! - with reporting from Reuters