Australian shares were flat on Monday, as oil prices eased despite heightened tensions in the Middle East.

The S&P/ASX 200 Index was little changed to close at 8,731.90.

Brent crude oil futures ​fell to trade around $102 per barrel even as the Houthis in Yemen struck the Saudi Arabian capital of Riyadh.

On the domestic front, the Reserve Bank of Australia (RBA) is expected to hike the official cash rate by 25 basis points to 4.6% at its September meeting, Commonwealth Bank of Australia said. However, a rate increase beyond the projected one in September is not CBA's base case at the moment, and a move to 4.85% would represent a significant shift towards prioritizing inflation risks.

ANZ forecasts that the RBA is expected to raise the cash rate by 25 basis points this month, in addition to the 25 basis point hike already expected for November, which would take the cash rate to 4.85%, its highest level since 2008.

In company news, Telix Pharmaceuticals (ASX:TLX) will pay an initial $1.65 billion on a cash-free/debt-free basis for German radiopharmaceutical biotechnology company ITM Isotope Technologies Munich, a key supplier of commercial-grade 177-lutetium. Its shares closed down 10%.

Ramelius Resources (ASX:RMS) now expects fiscal 2030 production of between 560,000 and 610,000 ounces at an all-in sustaining cost (AISC) of AU$2,100 to AU$2,400 per ounce, up 11% from the October 2025 plan and up 205% compared with fiscal 2026 production.

Lastly, Perpetual (ASX:PPT) confirmed the conclusion of the engagement process with EQT after rejecting a further revised proposal from Windflower, an entity indirectly controlled by EQT, to acquire all of the shares in the company through a scheme of arrangement for AU$22.50 apiece. Its shares fell 13% at market close.