The ASX200 has been down 0.04% at 8,206 points in early afternoon trade.
The conflict in the Middle East sparked a rally in the oil price and Brent crude has been $US74.55 per barrel. Investors have flocked to the safe haven of gold, causing a spike in demand for the precious metal and in the share price of gold miners.
To the sectors, Energy piled on 2.7% in the wake of global conflicts, followed by Materials, up 1.2% and Utilities, up 0.51%. Information Technology was the biggest faller, down 1.3%, followed closely by Discretionary, down 1% and Real Estate 0.7%.
Woodside Energy (ASX:WDS) has jumped up around 3.4% in reaction to the climbing oil price. On Monday, the company completed the acquisition of OCI Clean Ammonia which holds its lower carbon ammonia project in Texas.
Woodside has been trading at $26.03.
Paladin Energy (ASX:PDN) has been up around 2.7% after its attempted takeover of Toronto listed Fission Uranium Corp was blocked by a Chinese shareholder late last month.
Paladin Energy has been $12.09.
Commonwealth Bank (ASX:CBA) has been down 0.08% on changes to its executive leadership team.
Andrew Hinchliff has been appointed Group Chief Risk Officer and Kiersten Robinson has been appointed Chief People Officer.
CBA has been trading at $133.24.
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