SYDNEY — Australia's benchmark S&P/ASX 200 index finished marginally lower Friday, slipping 8.00 points, or 0.09%, to close at 9,263.60, as weakness across most sectors outweighed gains in materials and information technology to cap what had otherwise been a record-setting week for the Australian sharemarket.

Seven of the index's 11 sectors closed in negative territory Friday, with financials bearing the brunt of the day's selling pressure. Despite the modest pullback, the index remained close to the record highs it had set earlier in the week, extending a broader run in which Australian shares have significantly outperformed many of their global peers over recent sessions.

Oil Prices Surge on Iran Uncertainty

Energy shares stood out as one of Friday's bright spots, with Santos and Woodside Energy both poised for strong finishes to the week after oil prices jumped sharply overnight. According to Bloomberg data, West Texas Intermediate crude climbed 3.9% to $78.12 a barrel, while Brent crude rose 4.9% to $83.32 a barrel, reversing what had been a week of declining prices tied to optimism over reopening the Strait of Hormuz to commercial shipping.

The overnight reversal came after Iran published a restrictive draft plan for the strait that fell short of the more open arrangement markets had been anticipating. Taking a step back, Woodside shares have still gained 35.6% over the course of 2026, far outpacing the ASX 200's own 6.2% gain for the year, even though the stock underperformed the broader index over the preceding week amid the earlier decline in global oil prices tied to Hormuz........

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