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AAP
AAP
Business
Derek Rose

Aussie shares plunge, oil prices spike as war escalates

United States Oil Jerome Powell Middle East the Middle East
The Australian share market fell as oil prices surged after attacks on Middle East gas plants. (Steven Markham/AAP PHOTOS)

The Australian share market has sharply fallen to a nearly four-month low after oil prices spiked, gold prices plunged, rate cut hopes dimmed and the war with Iran intensified.

The benchmark S&P/ASX200 index dropped 142.8 points, or 1.65 per cent, to 8,497.8 on Thursday, while the All Ordinaries fell 157 points, or 1.77 per cent, to 8,690.7.

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