ASX 200 Dives to Six-Week Low Amid Oil Price Surge

The ASX 200 Index has fallen to its lowest level in around six weeks, down 1.68% to 8,762 points.

This decline marks a significant drop from its record high of 9,296 points reached in early August, with the index now roughly 5.7% below that level.

The weakness is spread across the market, with every sector trading lower earlier on Thursday, including mining stocks and banks.

The jump in oil prices has contributed to inflation concerns, pushing bond yields higher and making the outlook for interest rates less comfortable, with markets now pricing around a 70% chance of another Reserve Bank of Australia rate hike at its September meeting.