Australian Stock Market Slumps Amid Rising Oil Prices and Higher Interest Rates

The Australian stock market's September slump continued on Friday as a combination of factors weighed on share prices. The ASX 200 index dropped by 37 points, or 0.4%, to 8,665 points.

Rising oil prices and higher interest rates contributed to the decline. Brent crude has surged over 50% since the conflict in the Middle East intensified, reaching more than US$105 a barrel.

The increase in oil prices has kept inflation on the rise, prompting central banks to raise official interest rates. The US Federal Reserve hiked its benchmark rate last week, and other developed economies are expected to follow suit.