ASX trims gains as US allies weigh entering conflict
Donald Trump has raised hopes the war with Iran could end sooner rather than later. -AAP Image
An early bounce for Australian shares has faded, as hopes of Middle East de-escalation crumbled on reports US Gulf allies were taking steps to enter the conflict.
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After spiking 138 points at Tuesday's open, the S&P/ASX 200 ended the session 13.5 points higher, up 0.16 per cent, to 8,379.4, while the broader All Ordinaries gained 18.7 points, or 0.22 per cent, to 8,571.3.
Global equities had surged on easing oil prices, following disputed reports the US was in talks with Iranian officials, but confidence faded after Saudi Arabia reportedly took steps to give the US military access to one of its air bases.
The WSJ also reported videos had shown missiles used in attacks on Iran had been launched from Bahrain.
The Australian dollar is buying 69.66 US cents, up slightly from 69.63 US cents on Monday at 5pm.
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