Middle East Tensions Send ASX Sliding Amid Oil Price Surge

The Australian share market retreated on Thursday after oil prices held their latest war-triggered gains and a slump in tech stocks dragged Wall Street down amid jitters about what the Federal Reserve would do to get inflation under control.

The S&P/ASX 200 slipped 70.9 points, or 0.8 per cent, to 8967.7, paring most of its 1 per cent gain from the previous session, which had been fuelled by a surprise easing of inflation in the Australian economy. Nine of the ASX's 11 industry sectors finished lower.

Miners and tech stocks were the only sectors in the green. The Australian dollar traded at US69.55¢. Wall Street tumbled in a frantic last hour of trade after the Fed announcement, and the Australian market followed suit.