Australia's share market has taken a breather after multiple records, with equities in a holding pattern until the next major catalyst emerges.
The benchmark S&P/ASX200 fell eight points on Friday, down 0.09 per cent to 9,263.6, after a five-day winning streak and all-time highs in the previous two sessions.
The broader All Ordinaries eased by 6.9 points, or 0.07 per cent, to 9,445.1.
Energy stocks rose in line with oil prices after Iran and Oman's plan to reopen the Strait of Hormuz while barring US and Israeli ships dashed hopes of an imminent peace deal.
"Iran feels it 'holds the cards' given it can still effectively block ship traffic through the Strait of Hormuz (and to a degree the Red Sea) and all of America's bombing can't seem to shake the regime," Betashares chief economist David Bassanese said.
"A deal between Iran and Oman would block US and Israeli ships crossing the Strait - but this must surely be an ambit claim as the US could never agree to that."
However, raw materials stocks continued to rally as gold, lithium and rare earths miners soared on lower inflation expectations and upswings in underlying commodity prices.
Gold is trading at seven-week highs of $US4,297 ($A6,109) an ounce, after easing global inflation fears softened the US interest rate outlook, helping non-yielding assets rebound.
Shares in Australia's largest company BHP gained 4.5 per cent since Monday to trade at $62.97, its heightened copper exposure paying off as AI-related demand for the base metal soars.
Financials continued their hot streak, trading near record highs and clocking gains in eight of the past nine weeks as the major banks recovered from a second quarter slump.
Consumer-facing stocks also improved in recent weeks, buoyed by softer-than-expected June inflation and resilient household spending.
Looking ahead, all eyes will be on the Reserve Bank's Tuesday meeting for signs of Australia's interest rate path ahead.
"The RBA will likely revise down their inflation forecast next week and hold rates unchanged, but don't expect this to be the end of the hiking cycle," AMP economist My Bui said.
The central bank would retain a hawkish bias, and AMP expected another rate hike in November if core inflation remained sticky, Ms Bui added.
In company news, Coles confirmed it will offshore hundreds of back office jobs in a multi-year deal with Accenture.
Earnings season continued to deliver a mixed bag, as James Hardie shares soaring on a strong first quarter update, Nick Scali dipped on a dim retail and supply chain outlook, while ResMed tumbled seven per cent after flagging "very modest" prices increases.
The Australian dollar is buying 70.33 US cents, down from 70.42 US cents on Thursday at 5pm.
ON THE ASX:
* The S&P/ASX200 fell by eight points, or 0.09 per cent, to 9,263.6
* The broader All Ordinaries lost 46.6 points, or 0.07 per cent, to 9,445.1
One Australian dollar trades for:
* 70.33 US cents, from 70.42 US cents at 5pm AEST on Thursday
* 111.37 Japanese yen, from 111.13 Japanese yen
* 61.04 euro cents, from 61.00 euro cents
* 52.28 British pence, from 52.32 pence
* 119.90 NZ cents, from 119.92 NZ cents
