Shares reverse early losses as oil slide continues
Australian shares have clocked a fourth session of gains on hopes of normalising oil supplies. -AAP Image
Australia's share market has clutched a fourth straight session of gains, buoyed by miners as oil prices extended losses with more details of the US-Iran peace deal emerging.
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The S&P/ASX200 overcame an early slump to gain 48.6 points on Wednesday, up 0.54 per cent, to 8,966.3, as the broader All Ordinaries advanced 54.6 points, or 0.6 per cent, to 9,185.9.
Energy stocks fell more than two per cent as oil prices dropped to levels not seen since the first days of the Persian Gulf conflict, amid reports both Iran and the US claim the Hormuz Strait - a thoroughfare for a fifth of global crude and natural gas supplies - could be open by Friday.
Resurgent investor confidence helped ASX-listed miners rally as gold stocks bounced and the heavyweight financial sector firmed to three-week highs.
The Australian dollar is buying 70.58 US cents, down from 70.68 US cents on Tuesday at 5pm.
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