Lunch Wrap: ASX hit by oil spike and tariff sting

The S&P/ASX 200 fell 0.7% on Friday as oil surged above US$100 a barrel on US-Iran tensions and Houthi attacks, while Wall Street's AI capex concerns hit tech stocks like WiseTech Global (ASX:WTC), which dropped over 4%. The Trump Administration confirmed a new 12.5% tariff on Australian exports to the US, replacing a temporary 10% levy, adding trade friction. Cochlear (ASX:COH) gained after its hearing implants were ruled duty-free, but the stock remains down nearly 60% this year.

Lunch Wrap: ASX hit by oil spike and tariff sting ASX slips as oil lights up energy Tech cops AI capex reality check Cochlear wins while tariffs bite The S&P/ASX 200 was down 0.7% by lunchtime on Friday in Sydney. Overnight, Wall Street had one of those sessions where every market worry turned up at once. Oil jumped, bond yields climbed and AI spending fears whacked tech. Brent crude pushed back above US$100 a barrel after renewed US-Iran tensions and fresh Houthi attacks in the Red Sea. That gave ASX energy stocks another tailwind, because when oil gets this hot, Santos ASX:STO https://stockhead.com.au/company/santos-sto/ and don’t need much of a sales pitch. https://stockhead.com.au/company/woodside-energy-group-wds/ Woodside Energy Group ASX:WDS Tech was on the other side of the trade this morning. Wall Street’s wobble over AI capex washed straight into the ASX, with WiseTech Global ASX:WTC https://stockhead.com.au/company/wisetech-global-wtc/ down more than 4% and sliding back near $30. The miners were not much help either. BHP ASX:BHP https://stockhead.com.au/company/bhp-bhp/ fell, and https://stockhead.com.au/company/rio-tinto-rio/ Rio Tinto ASX:RIO eased, and gold stocks were belted as bullion dropped sharply. https://stockhead.com.au/company/fortescue-fmg/ Fortescue ASX:FMG Higher rate fears did the damage there, because gold may shine, but it still pays exactly zero income. And then there are tariffs. The Trump Administration confirmed a new 12.5% tariff on Australian exports to the US, replacing the temporary 10% levy. The official excuse was slavery, though Canberra says it makes no sense, and plenty of analysts reckon that argument is more cover story than core reason. Either way, it adds another layer of trade friction at exactly the wrong time, when markets are already dealing with oil above US$100. Cochlear ASX:COH https://stockhead.com.au/company/cochlear-coh/ , at least, had some good news. It said its hearing implant products can keep entering the US duty-free after a US government probe into medtech imports concluded in its favour. But after a near 60% slide this year, the market is still treating COH like a patient in recovery. Elsewhere, there was another new ASX listing this morning, with insurance software company Monvia ASX:MNV making its debut today. Its shares rose about 2%. It comes just a day after medical device firm Ceretas ASX:CTS https://stockhead.com.au/company/ceretas-cts/ hit the boards, so yes, the IPO window is showing signs of life. ASX LEADERS Today’s best performing stocks including small caps intraday: | Security | Description | Last | % | Volume | MktCap | |---|---|---|---|---|---| | UM1 | Unity Metals Limited | 0.150 | 50% | 2,189,968 | $14,593,118 | | CT1 | Constellation Tech | 0.003 | 50% | 1,935,000 | $2,974,467 | | PRM | Prominence Energy | 0.002 | 50% | 299,999 | $2,675,467 | | RNX | Renegade Exploration | 0.003 | 50% | 200,000 | $4,139,594 | | TOU | Tlou Energy Ltd | 0.003 | 50% | 250,000 | $2,597,169 | | AMD | Arrow Minerals | 0.007 | 40% | 12,721,537 | $8,161,333 | | PER | Percheron | 0.004 | 33% | 222,481 | $4,567,238 | | TON | Triton Min Ltd | 0.003 | 25% | 140,000 | $3,136,777 | | AT4 | Americantungsten | 0.041 | 24% | 19,326,720 | $60,063,130 | | CCE | Carnegie Cln Energy | 0.345 | 21% | 2,715,834 | $117,823,054 | | CYQ | Cycliq Group Ltd | 0.006 | 20% | 500,164 | $2,302,583 | | TXR | Talonxresources Ltd | 0.006 | 20% | 945,521 | $4,659,985 | | MVP | Medical Developments | 0.465 | 19% | 1,581,317 | $43,936,746 | | RHT | Resonance Health | 0.055 | 17% | 3,162,664 | $22,424,651 | | PGO | Pacgold | 0.175 | 17% | 5,283,146 | $65,430,596 | | AXI | Axtec Limited | 0.014 | 17% | 19,231 | $6,547,364 | | EXL | Elixinol Wellness | 0.007 | 17% | 100,000 | $2,483,926 | | FEL | Forte Energy Ltd | 0.007 | 17% | 511,250 | $5,196,023 | | M4M | Macro Metals Limited | 0.007 | 17% | 200,000 | $27,453,784 | | XRA | Xenora Minerals Ltd | 0.190 | 15% | 471 | $10,048,560 | | OEC | Orbital Corp Limited | 0.155 | 15% | 151,344 | $24,213,579 | | LDX | Lumos Diagnostics | 0.110 | 15% | 1,849,554 | $90,661,357 | | KRR | King River Resources | 0.063 | 15% | 5,239,529 | $85,722,287 | | M96 | Maverick Minerals Au | 0.008 | 14% | 389,769 | $12,614,745 | | IOV | Ion Video Ltd | 0.515 | 13% | 101,566 | $60,204,471 | WordPress Table https://supsystic.com/plugins/wordpress-data-table-plugin/?utm medium=love link Unity Metals ASX:UM1 https://stockhead.com.au/company/unity-metals-um1/ has hit its best Cambodian gold result so far, with the first modern drill hole at O’Phlay returning 40m at 1.9g/t gold from 82m, including a spicy 5m at 10.5g/t. It says the mineralisation is open at depth and along strike, with more assays pending from the maiden drill program. Prominence Energy ASX:PRM https://stockhead.com.au/company/prominence-energy-prm/ has mapped out a staged path toward helium and natural hydrogen drilling in South Australia by mid-2027. Gravity and magnetic work, resource reviews and drilling cost updates are lined up over the next few months. It says the 2026 work is already funded and could lead to a low cost, high impact program of about three wells for roughly $5m. ASX LAGGARDS Today’s worst performing stocks including small caps intraday: | Security | Description | Last | % | Volume | MktCap | |---|---|---|---|---|---| | FHS | Freehill Mining Ltd. | 0.001 | -50% | 12,000,491 | $8,133,041 | | IRD | Iron Road Ltd | 0.009 | -25% | 3,960,093 | $10,082,313 | | AUV | Auravelle Metals | 0.007 | -22% | 9,312,500 | $6,627,428 | | RB6 | Rubixresources | 0.100 | -20% | 995,000 | $7,681,250 | | 10X | Exultant Mining | 0.165 | -18% | 5,000 | $5,460,000 | | GGR | Goldengloberesources | 0.145 | -17% | 13,474 | $19,562,449 | | BPH | BPH Energy Ltd | 0.003 | -17% | 125,467 | $4,061,547 | | M2R | Miramar | 0.003 | -17% | 7,039,891 | $6,328,770 | | RMX | Red Mount Min Ltd | 0.010 | -17% | 3,948,700 | $12,529,581 | | CQT | Conneqt Health Ltd | 0.017 | -15% | 1,212,139 | $18,108,550 | | AAU | Antilles Gold Ltd | 0.006 | -14% | 733,640 | $22,953,653 | | ARV | Artemis Resources | 0.003 | -14% | 1,952,106 | $15,770,284 | | MHM | Mount Hope | 0.120 | -14% | 29,639 | $5,783,400 | | STV | Swift TV Ltd | 0.006 | -14% | 1,874,482 | $9,628,633 | | LRM | Lion Rock Minerals | 0.019 | -14% | 918,446 | $80,606,177 | | MEM | Memphasys Ltd | 0.007 | -13% | 1,316,667 | $24,697,870 | | RGT | Argent Biopharma Ltd | 0.050 | -12% | 31,011 | $6,646,746 | | FAL | Falconmetalsltd | 0.395 | -12% | 142,812 | $96,170,262 | | SEG | Sports Ent Grp Ltd | 0.305 | -12% | 23,403 | $96,901,796 | | VTX | Vertexmin | 0.093 | -11% | 300,712 | $30,093,892 | | LGM | Legacy Minerals | 0.103 | -11% | 53,763 | $23,013,251 | | AZ9 | Azzuro Res PLC | 0.017 | -11% | 1,793,009 | $15,592,671 | | MNB | Minbos Resources Ltd | 0.017 | -11% | 15,306,896 | $22,074,914 | | PKY | Pathkey.Ai Ltd | 0.034 | -11% | 2,172,803 | $47,232,882 | | SRH | Saferoads Holdings | 0.086 | -10% | 12,288 | $4,161,260 | WordPress Table https://supsystic.com/plugins/wordpress-data-table-plugin/?utm medium=love link IN CASE YOU MISSED IT 49 Metals ASX:49M https://stockhead.com.au/company/49-metals-49m/ has hit a high-grade zone at Gold Mountain https://stockhead.com.au/resources/49-metals-hits-high-grade-zone-as-broad-system-emerges-at-gold-mountain/ as its Nevada gold system grows. LAST ORDERS Dimerix ASX:DXB https://stockhead.com.au/company/dimerix-dxb/ has secured a key US patent for newly acquired kidney disease asset DMX-652, extending composition of matter protection through to April 2043. The patent strengthens the commercial position of the Phase 2-ready program as Dimerix expands beyond its lead DMX-200 candidate and prepares to advance DMX-652 into clinical development. Eden Innovations ASX:EDE https://stockhead.com.au/company/eden-innovations-ede/ has expanded its relationship with North American building materials group Amrize, with EdenCrete Pz7 set to be rolled out across four additional concrete plants in the US and Canada. The expansion opens new markets in Texas and Minnesota while increasing Eden’s footprint in Canada, supporting broader commercial adoption of its concrete additive technology. Peregrine Gold ASX:PGD https://stockhead.com.au/company/peregrine-gold-pgd/ has completed ethnographic surveys across key prospects at its Newman gold project, removing an important hurdle ahead of planned drilling. With heritage work now complete, the company is in a stronger position to secure final approvals and accelerate exploration across several high-priority targets At Stockhead, we tell it like it is. While Dimerix, Eden Innovations and Peregrine Gold are Stockhead advertisers, they did not sponsor this article. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Related Topics UNLOCK INSIGHTS Discover the untold stories of emerging ASX stocks. Daily news and expert analysis, it's free to subscribe. By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy https://stockhead.com.au/privacy-policy/ .