ASX slumps as miners, banks fall; Oil prices jump
The Australian sharemarket experienced a sharp decline as geopolitical tensions in the Middle East and rising inflation concerns rattled investor confidence. Mining stocks were hit hardest, while oil prices surged following renewed conflict between the US and Iran.
Why it matters
The market volatility highlights the global economic sensitivity to energy supply disruptions and geopolitical instability in the Middle East.
— 10:43am , first published September 2, 2026 — 5:18am
Save You have reached your maximum number of saved items.
Remove items from your saved list to add more.
Share A A A Australia’s sharemarket has closed sharply lower as escalation in the Middle East and worries about inflation, interest rates and bond markets weigh on investor confidence.
The S&P/ASX200 was 88.3 points lower at the close, down 0.97 per cent, to 8978.4, while the broader All Ordinaries lost 100.6 points, or 1.09 per cent, to 9160.3.
The S&P/ASX 200 fell 0.97 per cent on Wednesday. Getty Images Brent crude prices topped $US97 a barrel for the first time since July as the US and Iran exchanged attacks, while bond yields hit multi-year highs with inflation concerns rattling investor nerves.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in