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AAP
AAP
Business
Adrian Black

Australian shares waver as oil surges on Iran conflict

Oil has jumped to six-week highs after the latest Middle East tensions, boosting energy stocks. (Jay Kogler/AAP PHOTOS)

Australia's share market has handed back its modest gains after oil prices surged amid escalating conflict between the US and Iran, hitting risk sentiment.

The S&P/ASX200 fell 5.4 points on Monday, down 0.06 per cent to 8,791.3, as the broader All Ordinaries lost 4.1 points, or 0.05 per cent, to 8,974.7.

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