A confluence of bullish signals from global markets and easing geopolitical tensions in the Middle East pushed Australia’s benchmark share index to solid gains on Thursday, capping a day of uneven sector performance driven by falling crude oil prices. The ASX 200 closed 84.50 points, or 0.96%, higher at 8878.10, while the broader All Ordinaries index rose 90.90 points, or 1.01%, to settle at 9107. The Australian dollar also edged up 0.20% to trade at 72.49 U.S. cents by market close. The rally followed a record-setting overnight session on Wall Street, where the S&P 500 gained 1.5% and the technology-focused Nasdaq climbed 2.08% to both hit new all-time closing highs. The upward momentum in U.S. equities was triggered by a breakthrough diplomatic development: the U.S. government tabled a one-page proposal that could pave the way for a gradual reopening of the Strait of Hormuz, a critical global oil chokepoint. U.S. President Donald Trump announced via social media that he was pausing military “Project Freedom” for a short period to allow time for a final agreement with Iran to be negotiated and signed. IG market analyst Tony Sycamore noted that this more constructive geopolitical tone injected fresh optimism into global markets, pulling West Texas Intermediate crude prices back below the key $100 per barrel threshold. For the ASX, falling oil prices delivered an outsized boost to mining and resources stocks, which led all 11 market sectors with a 3.67% collective gain. Major iron ore miners posted double-digit gains in line with the sector: BHP rose 3.78% to $58.52, Rio Tinto gained 3.23% to $180.24, and Fortescue Metals outperformed many peers with a 3.73% rise to $21.42. Gold producers also rallied alongside rising spot gold prices, which traded at $4709 per ounce at press time. Northern Star Resources climbed 4.38% to $31.70, Evolution Mining surged 6.33% to $13.10, and Newmont Corporation added 2.78% to $160.06. Consumer staples, another key driver of the day’s gains, also saw broad upward movement. Woolworths closed 0.92% higher at $34.16, Coles eked out a 0.37% gain to $21.81, and Treasury Wine Estates rose 1.17% to $4.34. Not all sectors joined the rally, however. Energy stocks bore the brunt of lower crude prices, posting broad losses across the board. Woodside Energy slumped 4.24% to $30.49, Santos fell 3.30% to $7.63, and fuel retailer Ampol dropped 2.28% to $34.22. In the fintech space, digital financial services firm Zip bucked broader market trends to post a 4.76% gain to $2.64 after it reaffirmed its full-year 2026 guidance of $260 million in earnings before interest and tax. Conversely, wagering operator TAB suffered a steep 23.48% nosedive to $0.88 after Australia’s financial intelligence agency Austrac issued a formal notice over the firm’s compliance failures with anti-money laundering and counter-terrorism financing regulations. Gaming firm Lights & Wonder also closed 8.34% lower at $102.66 after reporting mixed first-quarter 2026 results: overall earnings rose 5% year-over-year, but adjusted net profit after tax slipped 2% to US$115 million (AU$159 million). In total, seven of the ASX’s 11 sectors finished the session in positive territory, closing out one of the market’s strongest single-day gains in recent weeks. Altogether, the day’s trading highlighted how shifting geopolitical developments and global market momentum continue to shape Australian equities, with commodity price movements driving sharp divergences across sector performance.