Australian shares pare early gains for tepid rebound
The ASX bounced back after spiking oil prices eased, but ran out of steam by the close of trading. -AAP Image
Australia's share market has pared some early gains after US government indications the Iran war might end soon couldn't sustain buying in the afternoon.
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The S&P/ASX200 spiked more than 150 points in early trade on Tuesday, but the lead faded to 93.6 points by the close, up 1.09 per cent, to 8,692.6.
The broader All Ordinaries gained 100.6 points, or 1.14 per cent, to 8,924.2, clawing back just over a third of Monday's $90 billion wipe out.
The bounce came after US President Donald Trump claimed the Iran conflict was ahead of its initial four-to-five week timeline and after G7 finance ministers considered, but ultimately held off, tapping oil reserves to shore up crude supply.
The Australian dollar is buying 70.61 US cents, up from 70.09 US cents on Monday at 5pm.
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