Australia's share market has clawed back some early losses to end the session flat, despite oil trading at one-month highs as the US and Iran ramp up attacks in the Persian Gulf.
Fighting has intensified in the gulf, prompting US President Trump to reinstate a US blockade of Iranian ships and threaten to impose a toll for safe passage through the Hormuz Strait.
The charge would work out to roughly $US32 million ($A42.5 million) for a fully loaded large carrier at current prices, according to Bloomberg, dwarfing a $US2 million fee proposed by Iran that US officials had previously derided as unacceptable.
The S&P/ASX200 traded flat at 8,808.5 on Tuesday as the broader All Ordinaries slipped 1.7 points, or 0.02 per cent, to 9,001.3.
Energy and utilities stocks outperformed the market, while an uplift in gold, copper and iron ore futures helped support the raw materials sector after an early dip.
The Australian dollar is buying 69.33 US cents, up from 69.29 US cents on Monday at 5pm.
