Arabic version: بورصة أستراليا تهبط إلى أدنى مستوى في ستة أسابيع مع اقتراب النفط من 100 دولار أميركي

According to ABC News, the Australian share market erased early gains and fell to a fresh six-week low as oil prices climbed following reports of explosions near Iran’s Kharg Island and attacks on Saudi energy facilities.

At about 12:35pm AEST on September 9, the ASX 200 was down 0.32 per cent at 8,892 points. The Australian dollar was up 0.1 per cent at 72.20 US cents. Brent crude futures rose 1.46 per cent to US$99.34 a barrel, while spot gold gained 0.33 per cent to US$4,368 an ounce and iron ore fell 0.7 per cent to US$99.9 a tonne.

Earlier, the ASX 200 had opened slightly higher before turning negative. About 120 of its 200 stocks were trading lower. Oil and gas companies Woodside Energy and Santos rose after Brent crude jumped, while BHP, Rio Tinto and Capstone Copper gained as copper futures reached a record US$14,601 per tonne on the London Metal Exchange.

Gold miners were among the market’s worst performers after spot gold dropped more than 1 per cent overnight to US$4,360 an ounce. Westgold Resources, Evolution Mining, Resolute Mining, Kingsgate Consolidated and Northern Star Resources fell between 3 per cent and 6.5 per cent. ABC News reported that higher oil prices were fuelling inflation concerns and lifting expectations of a US Federal Reserve rate rise at its September 15-16 policy meeting, with LSEG market pricing putting the probability at 58 per cent.

Betashares senior investment strategist Cameron Gleeson said investors should not be complacent about oil reaching US$100 a barrel. He said disruption to tanker traffic or further escalation around the Strait of Hormuz could quickly affect energy prices, while higher refined-product prices could add pressure to inflation and bond yields. He said Australian equities could face pressure in consumer-facing and rate-sensitive sectors, though resources and energy exposure may benefit from higher commodity prices.