Daily Overview: 10 July 2026

Oil markets will be the dominant theme today after Brent crude surged 8% past $US80 a barrel on Trump's renewed threats of airstrikes and a naval blockade against Iran. The Strait of Hormuz risk is back with a vengeance, and energy stocks like Woodside and Santos will be in focus. Watch for any further escalation or diplomatic signals that could reverse the spike — Citi's base case of a swift return to negotiations looks optimistic right now.

Also today, the India-Australia nuclear deal announced during Modi's visit provides a long-term catalyst for uranium miners, though the Minerals Council has already flagged CGT changes as a headwind. On the domestic gas front, the Business Council's demand for transparency on the government's reservation modelling will keep the east coast gas debate alive. In gold, Ausgold's Katanning project is advancing toward a final investment decision, and several juniors released drilling results yesterday — expect continued interest in the sector as the gold price holds firm.

Oil & Gas / Energy

• US President Trump threatened renewed airstrikes and a naval blockade against Iran, ending a 60-day truce after Iran targeted ships near the Strait of Hormuz. Brent crude surged 8% past $US80 a barrel, global equities fell, and Iran threatened to cut oil supplies and target Gulf energy infrastructure.
• Woodside is pursuing legal action against climate activists over a stench gas stunt at its Perth HQ, while separately the Albanese government reviews its $30 billion Browse project and Woodside received federal approval to operate the North West Shelf plant until 2070.
• The collapse of QPM's planned $196 million gas-fired power station in Moranbah, Queensland, exposed a wider threat to energy transition investment: soft wholesale electricity prices from surging solar and battery capacity undermine the economics of new firming generation needed to replace retiring coal.
• The Business Council of Australia and Queensland government demanded the release of modelling behind the federal government's proposed domestic gas reservation policy, warning the scheme risks choking supply and deterring investment.

Gold & Precious Metals

• Ausgold signed early works agreements with preferred EPC contractor Lycopodium and power provider CrossBoundary Energy for its Katanning Gold Project in WA, targeting first gold production in mid-2028. A final investment decision is expected by end of 2026.
• Kalamazoo Resources completed resource definition drilling at its Ashburton gold project in WA, reporting high-grade assays that strengthen confidence in the Mt Olympus deposit ahead of an updated Mineral Resource Estimate and Pre-Feasibility Study.
• Medallion Metals confirmed Teddy Bear as a second advanced gold opportunity within its Forrestania gold project in WA, with historical drilling validating broad, shallow mineralisation outside the historical open pit. Notable intercepts include 18m at 3.64 g/t gold from 57m.
• Corazon Mining completed the acquisition of the Chalice gold project from Westgold Resources for $25.7 million, adding a JORC-compliant resource of 191,000 ounces at 2.74 g/t gold. Corazon plans to accelerate drilling and technical studies.

Rare Earths & Critical Minerals

• Arafura Rare Earths announced the departure of long-serving CFO Peter Sherrington after nearly 18 years, with Angela Bigg appointed as new CFO. The company is preparing for construction of its Nolans rare earths project.
• China's export controls on yttrium oxide have disrupted supply chains for Japanese manufacturers, with Chinese rare-earth producers seizing the opportunity to move up the value chain. The price gap between Chinese and overseas markets has widened dramatically, with yttrium oxide quoted at $7.88/kg in China versus $1,175/kg in Europe.

Macro & Policy

• Australia and India struck a deal to boost resource exports, with Prime Minister Modi stating Australia's uranium reserves are critical to India's nuclear energy ambitions as India aims to increase nuclear generation from 8GW to 100GW by 2047. The Minerals Council warned that CGT changes could undermine investment in new uranium mines.
• UniSuper's John Pearce turned bullish on the AI capex super cycle driven by big US tech companies, expecting it to continue for 12-18 months and spark derivative booms in components, energy, and copper miners. He called Australia a capital-unfriendly place with an unhealthy economy.
• The Parliamentary Budget Office chief Sam Reinhardt criticised government budget practices for creating an optimism bias through off-budget spending and unlegislated policies, warning this obstructs good policy development.