AAP

The Australian share market has continued its early ascendance, with tech stocks, miners and the big four banks enjoying a strong morning's trade.

Oil futures fell more than four per cent overnight in a wild swing, soaring close to a four-month high in early trade on an Iranian rocket attack on US forces in Iraq before retreating as the countries ratcheted back tensions.

Gold shed more than one per cent overnight after vaulting above the $US1,600 level for the first time in nearly seven years after US President Donald Trump's comments eased fears of a larger conflict with Iran.

The Western Roads Federation has called for truckies to be included in the federal goverment's business assistance package, as it emerged today the two-week closure of the Eyre Highway would continue after bushfires were upgraded to emergency level.

The Australian share market has bounced back from its sharp morning losses as it become apparent that an Iranian missile attack on US forces in Iraq had not caused casualties.

Caltex Australia says it has been approached by a number of parties about a potential acquisition, but so far the only formal takeover offer it has received is the one made in November by a Canadian retail chain.

The Australian share market has fallen amid escalating tensions in the Middle East, with every sector down except for energy.

Oil prices fell almost one per cent overnight, surrendering some recent gains as investors reconsidered the likelihood of immediate supply disruptions in the Middle East after the United States killed an Iranian military commander last week.

Gold prices inched higher overnight, having earlier retreated from the previous session's almost seven-year high as fears of a larger Middle East conflict following the US killing of a top Iranian general eased.

Insurers have promised to act quickly on claims made by bushfire victims, with companies told to prioritise local tradespeople when they start paying out for rebuilds.

The Australian share market has enjoyed its best day in three weeks, with every sector gaining as weak economic data was seen to boost the odds of a February cash rate cut.

Many of Australia's biggest businesses are enjoying a good day on the share market as prices rise across most sectors.

Gold surged to a near seven-year high as the US killing of an Iranian commander stirred fears of a wider conflict in the Middle East.

Oil prices have edged higher, after Brent rose above $US70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions after a US air strike killed an Iranian military commander.

The ASX has bounced back from its early losses to close slightly higher, powered by strong gains by goldminers and oil producers as both commodities moved higher amid tension in the Middle East.

New vehicle sales in Western Australia fell 2 per cent last month and 5.4 per cent during 2019, with national sales crashing to their lowest since 2011.

Copper and most other industrial metals fell as the killing of a top Iranian commander by the United States sent shockwaves through markets, pushing oil prices sharply higher.

Oil prices have jumped to their highest level in more than three months after the United States killed a top Iranian military commander in Iraq, sparking fears that escalating conflict in the region could disrupt global oil supplies.

The Australian share market lost an early lead from Wall Street to make it consecutive days in the red, but still had its best week in three after a strong start to the pre-Christmas week.

Scott Morrison has cut short his family holiday in Hawaii and will return to Australia on Saturday after the deaths of two volunteer firefighters.

The Australian share market has opened little changed following gains on Wall Street overnight.

Gold prices held firm overnight as investors awaited further developments on US-Chinese trade while political uncertainty in Washington DC failed to move markets across the board.

Oil prices hovered near the highest in three months in thin pre-Christmas trading overnight, buoyed by the previous day's news that US crude inventories declined and as US-China trade tensions continued to ease.

The Australian share market has closed lower after positive November jobs data pared the chances of a February interest rate cut and took the gloss off local equities.

A senior bureaucrat accused with two others of Western Australia's biggest public sector theft is behind bars after failing to produce a $1.5 million surety.

Donald Trump has become only the third US president to be impeached as the House of Representatives formally charged him with abuse of power and obstruction of Congress in a historic step that will inflame a deeply divided America.

A surge in part-time work helped the jobless rate tick down to a seasonally adjusted 5.2 per cent in November, but economists still expect another interest rate cut despite the better-than-expected employment figures.

Lynas Corp says its project to build a rare earths-processing plant in Kalgoorlie will get assistance on management and coordination of approvals from the WA state government.

Seven West Media has copped a fresh blow as its takeover of Prime Media hit the rocks, with the broadcaster's $40 million sale of its Pacific Magazines titles to rival Bauer Media also in doubt.

The Australian share market has opened slightly higher as investors wait for the latest unemployment data.

Oil prices steadied overnight after US government data showed a decline in crude inventories and on expectations for an uptick in demand next year on the back of progress in resolving the US-China trade row.

Gold dipped overnight, weighed down by a firmer US dollar which found support from mounting expectations the US Federal Reserve will not cut interest rates soon while palladium retreated from record highs.