the COB: crude awakening

The S&P/ASX 200 defied expectations on Wednesday, gaining 0.54% to 8,966 points as details emerged on the US-Iran deal. US President Donald Trump said the Strait of Hormuz would reopen this Friday.

Gold was in focus again on hopes of easing inflation, with Newmont up 2.5%.

The energy sector lagged however, with Woodside dropping 3.3%.

In company news, Flight Centre cut its FY26 profit guidance due to flow-on effects from the Middle East conflict. But the stock still rose 4.6%, touching a three-month high, on a $200 million buyback.

Sims jumped to a 17-year high after lifting its earnings guidance on strong metal markets and data centre demand.

And ARN Media closed 23.8% higher after settling legal proceedings with Kyle Sandilands.

Tonight, the US Fed is due to hand down its decision, with Kevin Warsh chairing his first FOMC meeting; it's expected to keep rates on hold.