Australia's share market has logged its second-worst session of 2026, on concerns a sustained oil price shock will intensify inflation and spark steeper interest rates.
The S&P/ASX200 plummeted 176.1 points on Wednesday, down 1.94 per cent, to 8,901.2, as the broader All Ordinaries dropped 180.1 points, or 1.94 per cent, to 9,117.1.
Oil prices continued to rise, with Brent crude up more than 15 per cent since US-led air strikes on Iran last weekend sparked broader conflict.
Raw materials stocks led all 11 sectors lower as greenback strength weighed on gold and silver, and as surging oil prices dimmed the global growth outlook and dragged on industrial metals producers.
The Australian dollar is buying 69.93 US cents, down from 70.88 US cents on Tuesday, as the US dollar gained on safe haven buying.