ASX today – The S&P/ASX 200 is expected to open lower this morning after Wall Street fell overnight, with oil prices spiking as markets reacted to fresh missile strikes in the Middle East.

The renewed flare-up in the region pushed Wall Street lower overnight, stoking concerns about rising US inflation and the possibility of further interest rate hikes. Higher crude prices feed through to fuel and transport costs, which can complicate the inflation outlook for oil-importing economies — a dynamic central banks have repeatedly flagged as a risk when energy prices surge.

The S&P 500 fell 0.33 per cent to 7,686.14 points, while the Nasdaq slipped 0.12 per cent to 26,370.89.

Numerous reports overnight indicated that the US had struck two Iranian launchers on Larak Island. In response, the Iranian Revolutionary Guard launched ballistic missiles aimed at two US bases in Jordan.

The escalation saw Brent crude climb back above US$90 a barrel this morning. Larak Island sits near the Strait of Hormuz, the chokepoint for roughly a fifth of globally traded oil, and strikes in the area tend to heighten concerns about potential disruption to tanker traffic through the Gulf.

For the local bourse, energy producers and gold miners are among the ASX sectors most sensitive to oil and safe-haven flows in sessions like this one, while airlines and other fuel-intensive businesses face elevated input costs when crude rallies.

Elsewhere, S&P Global reports that the Asian Development Bank is increasing its support for regional power grids and critical mineral supply chains across the Asia-Pacific. The bank argues that the region's pursuit of energy security in the wake of the Middle East conflict has strengthened, rather than weakened, the case for accelerating decarbonisation — a theme that has lifted policy attention toward critical minerals such as tungsten, which feature in this morning's ASX company news.

On the market news front:

• Nanoveu (ASX: NVU) has been granted a US patent covering dedicated accelerator circuitry for non-maximum suppression in AI object detection;
• American Tungsten & Antimony (ASXL: AT4) is set to commence its APT refinery expansion;
• Australian Gold and Copper (ASX: AGC) has discovered a new gold-silver zone at Evergreen;
• FMR Resources (ASX: FMR) has defined new La Martuca drill targets with 3D modelling; and
• LTR Pharma (ASX: LTP) has expanded its men's health portfolio with a KYZATREX pilot.

Buck and ore

In forex, the Australian dollar is buying US$0.716.

Looking at commodities, all priced in US dollars:

• Iron ore was up 0.22 per cent to $96.05 in Singapore today;
• Brent crude was up 2.91 per cent to $90.663 per barrel;
• Gold was selling at $4,441.14; and
• US natural gas futures were up 1.43 per cent to $2.9292 per gigajoule.

Gold's hold above US$4,400 comes amid the same geopolitical backdrop, with the metal traditionally viewed by traders as a store of value during periods of elevated uncertainty.

That's HotCopper's Market Open, I'm Colin Sandell-Hay – happy trading.

Join the discussion: see what HotCopper users are saying right now and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions.