ASX Set to Fall Amid Oil Price Surge

The Australian share market is poised for a weaker start on Thursday after oil prices surged above US$100 a barrel, pushing global equities down amid escalating Middle East tensions and renewed inflation concerns.

ASX futures at 5.50am AEST were pointing to a 94-point, or 1.1%, fall at the open, extending a volatile week in which higher energy prices have revived expectations of further Reserve Bank of Australia (RBA) interest rate increases.

The Dow Jones Industrial Average finished 0.8% lower, while the S&P 500 declined 0.5% and the Nasdaq Composite lost 0.6%, with energy being the only sector to finish higher in the US.