Aussie shares pare early gains as Iran deadline looms
There was a strong session on the ASX, even though Donald Trump's next move over Iran is unclear. -AAP Image
The local share market has backed off from an early rally, with oil prices inching higher before a US ultimatum to Iran to make a deal or face further attacks on civilian infrastructure.
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The S&P/ASX200 rose 149.3 points on Tuesday, up 1.74 per cent, to 8,728.8, as the broader All Ordinaries gained 146.3 points, or 1.67 per cent, to 8,921.2.
The leading indices notched their highest closes in four weeks, but there could be more volatility ahead with the US vowing to expand attacks on Iranian energy infrastructure if the Strait of Hormuz - a choke point for a fifth of global oil supplies - isn't re-opened by Wednesday 10am AEST.
The Australian dollar is buying 69.17 US cents, up from 68.68 US cents on Thursday at 5pm.
