Live: ASX set to fall as oil tops $US100

The ASX is set to fall and Brent crude has topped $US100 a barrel, stoking fresh inflation worries.The oil price surge sent Wall Street lower, with renewed doubts about whether massive AI spending would deliver returns adding to the sell-off.The S&P 500 dropped 1.2 per cent while the Nasdaq fell by 2.15 per cent.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.Fri 24 Jul 2026 at 7:33amFri 24 Jul 2026 at 7:33amMarket SnapshotASX futures: -0.6% at 8,750 pointsAustralian dollar: flat at 69.69 US centsWall Street: Dow Jones (-0.97%), S&P 500 (-1.2%), Nasdaq Composite (-2.15%)Europe: FTSE (-0.7%), Stoxx 600 (-1.2%)Spot gold: -2% to $US4,047/ounceOil (Brent futures): +7% to $US100.7/barrelOil (WTI futures): +6.4% to $US92.36/barrelIron ore: +1.1% at $US98.10/tonneBitcoin: -1.2% to $US65,066Prices current at around 7:30am AESTFri 24 Jul 2026 at 8:06amFri 24 Jul 2026 at 8:06amBrent crude back above $US100 for the first time since MayOil markets are again on edge over the outlook for global supplies.Brent futures jumped $6.62, or 7%, to settle at $100.69 a barrel, highest close since May 22.The global oil benchmark is now almost 40% higher than when the Iran war began in February, with most of that rise coming this month.US West Texas Intermediate crude climbed $5.36, or 6.2%, to $92.19 a barrel, its highest close since June 4.Yemen's Houthis have opened another front in the Iran war by targeting vessels carrying Saudi oil through the Bab el-Mandeb Strait, after saying they would impose a naval blockade on Saudi shipments.Analysts estimate the Strait of Hormuz and Bab el-Mandeb together carry the equivalent of around a quarter of the world's oil supply.The rise in crude is also adding to inflation concerns because sustained increases in oil prices can eventually flow through to petrol, diesel and other costs for households and businesses.In Australia, motorists are still receiving some relief, with the government extending the reduced fuel excise for another month, although at a lower rate. That is set to end on August 2. According to the ABC's fuel tracker, as of 7am this morning, the average price of unleaded 91 is 185.2 cents a litre, while diesel is 226.1 cents.You can check out more details here.Fri 24 Jul 2026 at 7:37amFri 24 Jul 2026 at 7:37amNew US tariff for Australia to take effect later todayThe Trump administration has confirmed a 12.5 per cent tariff will be placed on Australian exports to the US from later today (AEST).The tariff was proposed last month, after a US trade investigation into forced labour. The Australian Government and Business Council of Australia made formal submissions opposing the tariff during a consultation period, which ended earlier this month.The US Trade Representative has just announced the proposed tariff will take effect from 12:01am Friday, local time.A temporary 10 per cent “global tariff” on the US’s trading partners will expire at the same time.Australia is not the only affected country. Tariffs between 10 and 12.5 per cent will be placed on imports from 59 other economies, which represent all of the US’s major trading partners.Fri 24 Jul 2026 at 7:22amFri 24 Jul 2026 at 7:22amASX set to fall as brent crude tops $US100 Good morning, and welcome to the ABC's business and finance blog!Lin from the business team here to take you through this Friday morning.It's was quite a session overnight.Brent crude futures jumped 7% and hit $US100 dollars again as the escalating conflict in the Middle East renewed fears over global oil supplies.Prices surged after Houthi rebels, a militant extremist movement based in Yemen, attacked oil tankers in the Red Sea. The surge in oil prices prompted worries about inflation days before the next US Federal Reserve meeting.Higher bond yields are pushing up borrowing costs, with the 10 year Treasury yield at its highest in more than a year. Oil prices put pressure on stocks, as well as earnings from tech giants Google and Tesla stoked fears about Big Tech's enormous AI spending. The S&P 500 dropped 1.2% while the Nasdaq fell by 2.15%.These are just some of the top lines this morning, plenty more to cover. I'll be back with more updates soon.