Australian shares rebounded at Thursday's close even as oil and gold prices continued to rise.

The S&P/ASX 200 Index gained 0.44%, or 39.10 points, to close at 8,940.30.

Media reports that said Iran approached the US to resolve the conflict in the Middle East helped boost sentiment before Iran rejected the speculation. The US Senate voted to block a bipartisan resolution aiming to stop the war. Brent crude oil rose to $83.43 per barrel, while spot gold climbed ​to $5,178.42 per ounce.

On the domestic front, Australia's seasonally adjusted household spending rose 0.3% to AU$78.98 billion in January, following a 0.5% decrease in the previous month, according to the Australian Bureau of Statistics. Service spending rose 1%, led by other services including digital streaming and travel agencies, while goods spending fell 0.3% amid declines in motor vehicle purchases and recreation and culture items.

Meanwhile, Australia's goods surplus fell to AU$2.63 billion in January from AU$3.37 billion in December 2025, according to data published by the Australian Bureau of Statistics.

In company news, Star Entertainment's (ASX:SGR) majority directors who were sued by the Australian Securities and Investments Commission were cleared by the Federal Court of Australia in a Thursday ruling, but ex-Chief Executive Matt Bekier was found guilty of breaching his duties. ASIC had alleged that the board members mishandled risks related to junket operators and financial dealings, raising concerns about potential money laundering and criminal activity. Its shares fell 2% at market close.

The Lottery (ASX:TLC) plans to create three customer-facing business units, Lotteries, Digital, and Keno, with each to be led by a Chief Operating Officer.

Lastly, Deep Yellow (ASX:DYL) confirmed it is not currently undertaking a capital raising, responding to Wednesday's media speculation. Its shares were down 2% at market close.