Australian shares rose slightly at market close on Tuesday, as BHP's shares reached a new record, leading the materials sector higher.

The S&P/ASX 200 climbed 0.24% or 21.80 points to close at 8,958.90.

Oil prices rose ahead of US-Iran talks aimed at de-escalating tensions.

On the domestic front, the Reserve Bank of Australia (RBA) said that global uncertainty remained high, but financial markets were relatively stable with rising bond yields and equity prices, according to the central bank's minutes of the monetary policy board meeting.

The RBA noted that capacity pressures have increased, with tight labor markets and high business utilization, but household consumption and business investment remained resilient.

The ANZ-Roy Morgan Australian consumer confidence rose 0.2 points to 77.1 points in the week of Feb. 9 to 15. Confidence remains "very weak" despite the rise, having dropped 3.4 points since the Reserve Bank of Australia increased the cash rate to 3.85%, said Sophia Angala, an economist at ANZ.

In company news, BHP Group (ASX:BHP) reported fiscal first-half underlying earnings of $1.222 per basic share, up from $1.002 a year earlier. Revenue for the six months ended Dec. 31, 2025, was $27.9 billion, compared with $25.18 billion a year earlier. Shares of the company jumped 5% at market close, reaching an all-time high.

The Federal Court of Australia dismissed the Australasian Center for Corporate Responsibility's (ACCR) lawsuit against Santos (ASX:STO). In 2021, the ACCR challenged Santos' claims that natural gas provides "clean energy" and that it has a "credible and clear plan" to achieve "net zero" emissions by 2040.

Lastly, Reliance Worldwide (ASX:RWC) reported fiscal first-half adjusted earnings of $0.067 per share, down from $0.098 a year earlier. Net sales for the six months ended Dec. 31, 2025, was $645.4 million, compared with $676.5 million a year earlier. Its shares closed down 9%, reaching a two-year low point.