- Australian sharemarket bloodbath
- Almost $95billion wiped out at the open
The Australian sharemarket sank 3.3 per cent, with nearly $95billion wiped out at the open.
The S&P/ASX 200 Index plunged 260.30 points to 8590.70, on Monday, marking the lowest it has traded since mid-December.
Crude oil surged to its highest level since Russia invaded Ukraine in 2022, with prices surging as high as USD$110 a barrel.
The dip in the ASX comes after Iran announced its new Supreme Leader – the son of the late Ayatollah Ali Khamenei.
Capital.com senior market analyst Kyle Rodda warned the surge in oil prices would have an impact on inflation, interest rates and more.
‘The scale of the move means everything will have to re-price,’ he said.
Oil prices have risen due to disruptions in the Strait of Hormuz, with Iran blocking access following US-Israel airstrikes on the nation.
more to come
Crude oil surged to its highest level since Russia invaded Ukraine in 2022, with prices surging as high as USD$110 a barrel (pictured, drivers queuing at a service station in Sydney last Tuesday)
