The S&P/ASX 200 rose 0.3% to 8,611 on Tuesday, snapping a three-session losing streak as sentiment improved on hopes that more oil tankers will soon be able to transit the Strait of Hormuz. Tehran has reportedly permitted a limited number of vessels from selected countries, including Pakistan, India, and Turkey, to pass through the key shipping lane.
On the domestic front, investors are focused on a crucial policy announcement from the Reserve Bank of Australia later today. After lifting the cash rate by 25 bps in February, the RBA is widely expected to deliver another hike, as inflation risks intensify amid the Middle East conflict. The disruption to oil flows through the Strait of Hormuz has driven fuel prices sharply higher, adding to price pressures.
Among individual names, mining heavyweights BHP Group (+1.3%) and Rio Tinto (+1.9%) led gains, supported by advances in Macquarie Group (+1.9%), Goodman Group (+1.4%), and Evolution Mining (+1.2%). By contrast, energy stocks underperformed, with Woodside Energy down 1.1% and Santos slipping 0.2%.
