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The Guardian - AU
The Guardian - AU
National
Jonathan Barrett Business editor

ASX closes after $90bn wiped from sharemarket amid spike in oil prices over Middle East crisis

Oil Inflation Middle East Tony Sycamore
Petrol pump
Global oil prices surged past US$100 a barrel shortly before the ASX opened for the week, spooking Australian investors. Photograph: Jessica Hromas/The Guardian

Australian shares plunged on Monday, wiping about $90bn from the value of the ASX, after a sharp rise in oil prices caused by the Middle East conflict sparked concerns of a breakout in global inflation.

The benchmark S&P/ASX 200 closed down 2.85% to fall below the 8,600 point mark, marking the single biggest one-day drop since the announcement of Donald Trump’s “liberation day” tariffs last year.

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