Commodities● Neutral
ASX 200 posts worst session in a month as oil spike hits financials
The ASX 200 dropped to its lowest close in a month as oil's 5%+ surge on US-Iran escalation hit financials and tech. Energy stocks rose 2.8% but couldn't offset the broader selloff. The index closed at 7,325.60.
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Australia's S&P/ASX 200 fell to its lowest close in a month on Monday, as a surge in crude prices tied to the renewed US-Iran conflict weighed on financial and technology stocks. The index dropped through the session, shedding gains from the prior week's near-record highs.
Energy stocks climbed with oil – the benchmark crude contract rose more than 5% – but that was not enough to offset the broader selloff. Banks and tech names accounted for most of the drag, traders said. The ASX 200 had been trading near all-time highs before the escalation.