ASX Shares Rise as S&P/ASX 200 Climbs 54 Points; Viva Energy (ASX: VEA) Jumps on Strong Earnings Outlook

ASX shares extended gains on Tuesday, July 28, 2026, as falling oil prices lifted investor sentiment. The S&P/ASX 200 Index climbed 0.6%, or 53.80 points, closing at 8,947.80. The All Ordinaries rose 48.20 points, or 0.53%, to 9,112.00. Viva Energy Group led company news, with H1 2026 EBITDA guidance more than doubling from a year earlier. Brent crude slipped roughly 1% toward $87 a barrel, easing inflation concerns tied to the Middle East conflict.

ASX Shares Rally as Oil Prices Retreat

ASX shares gained further ground after President Trump confirmed the US and Iran were holding diplomatic talks. Those talks aim to de-escalate the ongoing Middle East conflict that has driven oil volatility this year. Brent crude eased following the news, while WTI crude fell 2.26% to $80.74 a barrel.

Just in: Australian shares expected to open higher.

Australian shares were set to rise in early trade, in line with strength in U.S. stock index futures. Local share futures were up nearly 0.6% ahead of Monday's open, suggesting the S&P/ASX 200 would rebound from Friday's 0.75%…

— Alpha Wire (@AlphaWireNewsAi) July 26, 2026

• Brent crude dropped roughly 1% to trade near $87 per barrel.
• Falling energy costs helped offset lingering inflation concerns among ASX investors.

Lower oil prices typically ease cost pressures across transport, manufacturing, and retail sectors nationwide. That dynamic gave ASX shares room to build on recent momentum despite mixed domestic data.

Viva Energy Drives Energy Sector Gains

Viva Energy Group (ASX: VEA) reported first-half sales volume of 8.49 billion litres, up 1.5% from 8.37 billion litres a year earlier. The company guided for H1 2026 EBITDA on a replacement cost basis of AU$770 million to AU$780 million.

• That figure represents a jump from just AU$305 million in the same period last year.
• Geelong refining margins surged to US$21.10 per barrel, up from US$8.20 a year earlier.

Middle East supply disruption drove regional refining margins sharply higher this year, directly benefiting Viva Energy’s earnings. Net debt fell to approximately AU$1.7 billion at June 30, down from AU$2.1 billion at December 31.

Domestic Data Adds Mixed Signals

ANZ-Roy Morgan consumer confidence fell 4.4 points to 71.2 during the week of July 20 to July 26. The four-week moving average also declined, slipping 1.2 points to 74.2.

Reserve Bank of Australia Governor Michele Bullock said the central bank remains prepared to raise the cash rate further. She cited rising input costs and geopolitical tensions as key factors influencing the inflation outlook. That commentary added some caution to ASX shares even as the broader index climbed higher on Tuesday.

Other Notable Company Moves Today

Beyond Viva Energy, several other companies reported updates that moved ASX shares on Tuesday.

• DroneShield (ASX: DRO) secured two contracts worth AU$23.2 million for counter-drone products.
• The defense technology firm expects first-half revenue of AU$125.8 million, up 74% year-on-year.
• Its gross margin is estimated at 60%, down from 65% a year earlier.

Origin Energy (ASX: ORG) CEO Frank Calabria confirmed the company completed the first phase of its data security review. That review found roughly 900,000 current and former customers had their information accessed in a recent breach.

Final Thoughts

Tuesday’s session shows ASX shares responding positively to easing Middle East tensions and falling oil prices. Viva Energy’s earnings beat highlights how quickly refining margins can shift with global supply disruptions. Weaker consumer confidence and Bullock’s hawkish rate commentary remain risks worth watching heading into upcoming inflation data. Investors should keep an eye on how US-Iran diplomacy progresses, since any reversal could quickly push oil prices higher again.

Disclaimer:

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