ASX closes with modest gains as Trump's Iran de-escalation hopes fade.

ASX closes with modest gains as Trump's Iran de-escalation hopes fade. The Australian market advanced just 0.4% after initially surging on the U.S. President's proposal to postpone strikes against Iranian energy infrastructure. However, optimism quickly evaporated when Iran denied negotiations were underway and regional tensions remained elevated. Energy stocks struggled with Brent crude volatile around $103 per barrel. Santos dropped 2% following an unexpected shutdown at its Darwin LNG facility due to Barossa project breakdown. War-related stocks also retreated, with DroneShield falling 6% and Electro Optic declining 10%. On the positive side, KMD Brands rallied 4.5% after rejecting a takeover offer from U.S. surfwear group Stokehouse, citing shareholder dilution concerns. Chimeric Therapeutics surged 100% on the microcap board, catching investor attention in a mixed trading session.