Forex
Oil Price Surge Woes Australian Shares
Australian shares experienced a wobbly session on Tuesday as rising oil prices stoked concerns about inflation and interest rates.
The S&P/ASX 200 index fell by 9.3 points, down 0.1%, to 9,066.7, while the broader All Ordinaries dipped by 10.5 points, or 0.11%, to 9,260.9.
Energy stocks bucked the trend, however, as renewed US-Iran fighting supported oil prices and fueled buying in defensive sectors like healthcare and utilities.
The Australian dollar gained ground against the US dollar, climbing to 71.69 US cents from 71.61 US cents at 5pm on Monday.