ASX week in review — Saturday 23 May 2026

ASX 200 ends a round-trip week +0.3% at 8,657 as the Hormuz oil spike unwinds and weak jobs cool RBA hike bets

The ASX 200 closed the week to 22 May 2026 at 8,657, up 0.30%, after a round-trip from a Monday Hormuz-driven slump to a Friday five-day high. The early-week oil spike reversed (Brent -5.24%), weak April jobs cut June RBA hike odds to about 15%, gold miners cratered (SBM.AU -17.16%) and critical minerals led (IGO.AU +8.23%).