Live: ASX set to fall as oil price hits $US101 a barrel

The Australian share market is set to fall at the open as Wall Street closes in the red.The price of oil passes $US101 a barrel as tensions between the US and Iran continue.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Thu 10 Sep 2026 at 7:23amThu 10 Sep 2026 at 7:23amMarket snapshotASX 200 Futures: -1.0% at 8,815 points Australian dollar: +0.03% at 72.19 US cents Wall Street: Dow Jones (-0.8%), S&P 500 (-0.5%), Nasdaq Composite (-0.3%)Europe: FTSE (-1.3%), Stoxx 600 (-1.4%), DAX (-1.7%)Spot gold: +1.1% to $US4,400/ounce Oil (Brent futures): +3.8% at $US101.68/barrel Iron ore: -1.6% at $US99.45/tonne Bitcoin: -0.2% at $US78,157Prices current around 7:20am AESTThu 10 Sep 2026 at 8:48amThu 10 Sep 2026 at 8:48amThe Sydney Investment SummitI am down at the Art Gallery of NSW at the NSW Government's Sydney Investment Summit.First we'll hear from Premier Chris Minns, then Treasurer Daniel Mookhey in conversation with Macquarie's Shemara Wikramanyake.Then media will get booted out for the rest of the day, but we'll be able to quizz the NSW Treasurer at a 9:30am press conference.There's a few other heavy hitters down here - I just ran in to RBA deputy governor Andrew Hauser who had accidentally found himself sitting in the media area at the back of the room.Thu 10 Sep 2026 at 8:45amThu 10 Sep 2026 at 8:45amPrice of oil impacts Wall St movement, according to one analystThe increasing price of oil is what kept a "lid" on Wall Street overnight, according to senior financial market analyst at capital.com Kyle Rodda.The rise is due to escalating tensions between the US and Iran, which have seen oil tankers sunk in recent days, affecting the global energy sector.Brent Crude is trading up +3.9% to $US101.75/a barrel."Once again, cyclical sectors underperformed as markets reflected the downside risks to growth and upside risks to inflation from rising oil prices," says Mr Rodda."However, the sell-off was relatively broad-based as geopolitical uncertainty led to a further increase in volatility."The Dow Jones Industrial Average closed down -0.8% to 52,381 points.The S&P 500 closed down -0.5% to 7,636 points.The Nasdaq Composite closed down -0.3% to 29,422 points.Here is a look at Brent Crude's recent movement:Brent Crude recent movement (LSEG)Thu 10 Sep 2026 at 8:30amThu 10 Sep 2026 at 8:30amNew trade corridors emerge as countries expand outside the US, says HSBC Global trade headHSBC's head of global trade solutions, Vivek Ramachandran, says in an era of Donald Trump's tariffs, the world is becoming more interconnected than ever."We're seeing a lot more bilateral trade and new trade corridors emerge," he told The Business' Kirsten Aiken."Now, this may be a consequence of US action, or it may be a natural evolution of demand in other markets growing faster than anticipated."Canada has matched recent US tariffs, further escalating the trade war between the two countries, which have historically held very close ties.Kirsten Aiken asks Mr Ramachandran if the rules around trade are changing."We're in a very, very different world today than we were two years ago," Mr Ramachandran says."I think companies now need to realise tariffs are here; tariffs are not going to change, and they just need to adapt and respond to it."You can catch up on the full interview below:Watch The Business, Mondays to Thursdays 8:44pm on ABC News Channel, after the Late News on ABC TV, and anytime on ABC iViewThu 10 Sep 2026 at 8:15amThu 10 Sep 2026 at 8:15amAustralia Post's surprise delivery fees 'silently killing' some small businessesI spoke to small business owners across the country who argue Australia Post is unfairly hitting them with extra fees after they send packages to customers.One business owner in regional Victoria told me it was "silently killing" the viability of small businesses, which operate with some of the slimmest margins.Another business owner in Queensland told me she spent hours disputing dozens of the charges, with several overturned.Australia Post said its automatic scanning technology was "highly accurate", but did not disclose the error rate.One legal expert warns that if Australia Post is charging businesses an extra fee when it's not entitled to, that could be a breach of its contract.You can read the full story below:Thu 10 Sep 2026 at 8:00amThu 10 Sep 2026 at 8:00amICYMI: Wednesday finance with Alan Kohler — a possible interest rate hike loomsTuesday night's appearance on 7.30 by Reserve Bank deputy governor Andrew Hauser has raised the likelihood of a rate hike later this month.More economists now predict a rate hike later this month at the RBA meeting.Another in November is also likely. Alan Kohler breaks it down:Thu 10 Sep 2026 at 7:45amThu 10 Sep 2026 at 7:45amASX to fall at the openGood morning everyone and happy Thursday,Business reporter Adelaide Miller here to guide you through the morning on the markets blog, covering the latest business, finance and economic stories from around the world.To start with, it's a sea of red across Wall St and Europe, with all major exchanges closing down for the day.The Aussie share market is set to follow suit, with Futures pointing to a fall at the open of -1.0% to 8,815 points.The Aussie dollar, however, is trading slightly higher at +0.03%, hovering around 72 US cents.But for now, grab yourself a coffee and see you back here soon!