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The Guardian - AU
The Guardian - AU
National
Kris Swales

Afternoon Update: ASX wipeout as oil price surges; former MP not guilty of most rape charges; and an entry fee for the Twelve Apostles

NT Donald Trump Oil
Drivers queue to fill their cars with petrol in Sydney last week.
Drivers queue to fill their cars with petrol in Sydney last week. Photograph: Sarah Wilson/AAP

Good afternoon.

The Australian share market plunged on Monday as the Iran war drove oil prices above US$100 a barrel for the first time since 2022. The benchmark S&P/ASX 200 was down 2.85% – about $90bn – as the market closed, marking the single biggest one-day drop since the announcement of Donald Trump’s “liberation day” tariffs last year.

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