Australia's share market has retreated from an early lead after US President Donald Trump signalled an end to the Iran conflict, although not before further escalations.
"We are going to hit them extremely hard over the next two to three weeks," Mr Trump told Americans in a live national address.
"We're going to bring them back to the Stone Ages, where they belong."
The S&P/ASX200 had drifted 0.55 per cent higher ahead of Mr Trump's speech at noon on Thursday (AEDT), before reversing course when it became clear he wasn't saying much that was new.
The top-200 had fallen 19.2 points by the end of the address at 12.20 AEDT, down 0.22 per cent, to 8,653.6, as the broader All Ordinaries lost 30.5 points, or 0.34 per cent, to 8,855.1.
The highly anticipated speech gave no real clarity on a US exit, although Mr Trump did indicate he would turn his back on US allies dependent on oil from the Strait of Hormuz.
The strait, a choke point for one fifth of global oil and 60 per cent of Asia's oil supplies, has been effectively blockaded by Iran since the US and Israel began bombing the Islamic republic at the end of February.
"The countries of the world that do receive oil through the Strait of Hormuz, take care of that passage ... lead in protecting the oil that they so desperately depend on," Mr Trump said.
Local energy stocks sold off ahead of Mr Trump's address, but later recovered as Brent crude jumped from around $US100 a barrel to $US105.70 after midday.
Oil and gas giants Woodside and Santos were down more than five and three per cent, respectively, on Thursday morning, but narrowed their losses in Mr Trump's wake.
Ampol and Viva Energy, which operate Australia's two remaining fuel refineries, also made up ground.
Ahead of the speech, real estate stocks were outperforming the bourse, after tumbling more than 15 per cent since December following three Reserve Bank interest rate hikes in as many meetings.
Prime Minister Anthony Albanese used a national address on Wednesday night to urge Australians to think of others when filling up their fuel tanks, but stopped short of signalling fuel rationing despite uncertainty around national supply from May.
Coal miners also sold off, while uranium stocks lacked a clear direction.
ASX-listed gold miners were hammered after a positive start, as the precious metal fell from above $US4,770 ($A6,926) an ounce to $US4,662.
Northern Star share slipped 0.2 per cent, after it said it was on track to achieve its twice-downgraded production guidance, while announcing an on market share buy-back of up to $500 million.
The Trump administration is reportedly preparing to reshape its steel and aluminium tariffs regime, according to The Wall Street Journal.
The US would maintain a 50 per cent duty on commodity-grade products, while finished products made from imported steel or aluminium would attract a 25 per cent impost, it said.
Shares in aluminium producer Alcoa surged almost five per cent, while BlueScope Steel only managed a 0.3 per cent improvement to $26.47.
Australia's heavyweight financials sector looked encouraging in early trade before fading to a 0.3 per cent boost as the big four banks's leads shrunk.
Bourse operator ASX gained more than two per cent despite the corporate regulator's final report into the group finding failures of governance and market systems.
"The market and the Australian public need resilient and reliable market infrastructure," ASIC chair Joe Longo said.
"It is now firmly for ASX to ensure its transformation is successful and enduring."
In other news, clothing and footwear company KMD Brands had more than half its market value wiped after lifting its trading halt after completing the institutional component of its emergency capital raise.
The Australian dollar was buying 68.89 US cents, down from 69.05 US cents on Wednesday at 5pm, after falling on the back of Mr Trump's address.
