After starting Friday with a decent lift, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains during afternoon trade.
At the time of writing, the ASX 200 is down 0.09% to 8,633 points.
The index is only down slightly, but it has moved around a lot today. It climbed as high as 8,691.9 points earlier in the day before falling as low as 8,610.3 points.
That leaves the ASX 200 tracking another soft finish in what has already been a difficult stretch for local shares.
Over the past month, the index has recorded just 5 sessions in the green, with the remaining days ending in the red.
So, what has caused the early buying to fade again?
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Oil keeps investors nervous
Oil has been one of the main pressure points for the market today.
Brent crude futures pushed above US$106 a barrel as investors continued to watch the Strait of Hormuz and the risk of supply disruption.
Reuters reported that oil prices rose as concerns continued around security threats to shipping in the key waterway.
Trading Economics also showed Brent crude up more than 1%, with the oil price heading for a weekly gain of around 5%.
After a choppy month for the ASX 200, another jump in oil gives investors less reason to chase the early rebound.
Bank gains offset mining weakness
Commonwealth Bank of Australia (ASX: CBA) is up 2.64% to $160.55, which is giving the index some support after a rough week for the banks.
Westpac Banking Corp (ASX: WBC) is up 0.76% to $35.99, while National Australia Bank Ltd (ASX: NAB) is 0.14% higher at $36.47.
ANZ Group Holdings Ltd (ASX: ANZ) is also up 1.12% to $35.23, and Macquarie Group Ltd (ASX: MQG) is 0.15% higher at $244.89.
Those gains are helping cushion the index, but the big miners are pulling in the other direction.
BHP Group Ltd (ASX: BHP) is down 2.59% to $60.45, Rio Tinto Ltd (ASX: RIO) is dipping 2.71% to $186.77, and Fortescue Ltd (ASX: FMG) is sliding 2.20% to $22.49.
The market is still fragile
The ASX 200 is now down 0.93% in 2026 and 3.76% over the past month.
It is still up 4.05% over the past year, but that longer-term gain does not hide the recent weakness.
There have been a few rebounds along the way, but the market has struggled to hold them.
Today's early lift has yet again followed the same path, with buyers unable to hold the index higher by afternoon trade.
With oil, inflation worries, and heavyweight stocks still driving the daily moves, the market doesn't look settled yet.
