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AAP
AAP
Business
Adrian Black

Oil slips, shares surge as Persian Gulf conflict pauses

United States Oil Australia Mining Santos the Persian Gulf Woodside
The price of oil has fallen after the US and Iran paused hostilities in the Persian Gulf. (Lukas Coch/AAP PHOTOS)

The Australian stock market has had its best session since mid-June after oil prices retreated on reports Iran and the US have halted fighting after almost two weeks of air strikes.

The S&P/ASX200 jumped 121.7 points on Monday, up 1.39 per cent to 8,894, as the broader All Ordinaries rose 122.3 points, or 1.37 per cent, to 9,063.8.

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