James Gruber

Have a great day.

Tensions flare in the Middle East.

That's got oil up and stocks down.

The Australian share market is set to open flat.

Good morning, I'm James Gruber.

And I'm Gillian Bowen.

It's Friday the 24th of April and this is the morning edition of the CompSec Market Update.

Yes, the US president is back on social media, as is his want, claiming total control over the Strait of Hormuz and has threatened on Thursday morning US time to sink Iran mine laying ships.

While Iran has released footage purporting to show its troops storming a large cargo ship for trying to cross the strait without a permit.

There are reports, too, of air defence systems activated in Tehran.

So as you say, Gil, it's tense again.

And when you look at the oil price, it's sharply higher again, too.

Let's take a look at commodities, and it's mostly about oil again, as we mentioned.

Global oil prices jumped after reports of air defences engaging targets over Tehran.

But there's also been news of a power struggle between Iran hardliners and moderates on that Iran's top negotiator, who's a hardliner apparently, resigned overnight.

Brent crude futures settled 3.1% higher

to $105.07 a barrel.

Among other commodities, base metals were mixed.

Copper futures fell from multi-week highs, down 0.6%, as stalwart ceasefire talks weighed on prices.

Meantime, aluminium futures were up 0.5%, as investors focus on ongoing supply disruptions from the war.