The Australian sharemarket ended Monday's session little changed, hovering near record highs, as investors remained on edge amid heightened geopolitical tensions in the Middle East.
The benchmark S&P/ASX 200 Index rose just 1 point to 8,548.4, with six of the 11 sectors posting gains.
Energy stocks led the advance, shrugging off a sell-off on Wall Street following Israeli strikes on Iranian energy infrastructure.
Oil and gas prices surged after reports that Tehran is considering closing the Strait of Hormuz - a key waterway for global energy shipments - fuelled fears of a broader Middle East conflict.
Santos rocketed 10.9% after confirming an A$29 billion bid from a consortium led by Abu Dhabi’s state-owned ADNOC and private equity firm Carlyle Group.
Crude futures saw their biggest single-day jump in more than three years on Friday, with U.S. oil settling 7.5% higher at US$73 a barrel after earlier gains of up to 14%.
Energy stocks rallied across the board. Woodside gained 3%, Beach Energy added 1.9%, and Ampol added 0.2%.
Uranium miners also soared after the Sprott Physical Uranium Trust announced plans to raise US$100 million (A$154.4 million) to increase its holdings.
Deep Yellow jumped 21.2%, Paladin Energy rose 15.6%, and Boss Energy climbed 17.7%.
Consumer staples weighed on the index. Metcash and Endeavour Group dropped 2.4% apiece, while Woolworths declined by 1.2%.
In corporate developments, the Australian Securities and Investments Commission (ASIC) launched an inquiry into the ASX Group, focusing on governance, capability, and risk management.
ASX Ltd shares closed 6.7% lower.
Tourism Holdings soared 56% after private equity group BGH Capital and Queensland brothers Luke and Karl Trouchet tabled an NZ$508 million (A$471 million) buyout offer for the campervan rental business.
In the bond market, yields rose, with the 10-year yield up 1.6% to 4.243% and the 2-year yield gaining 1.3% to 3.324%.
