The Economic Times

Global Markets | Australian shares slide as Middle East oil shock fans rate hike fears

Australian shares dropped over 1% as rising oil prices, fueled by Middle East attacks, heightened inflation concerns and increased the likelihood of interest rate hikes. The S&P/ASX 200 index fell 1.3%, with financials and miners leading the decline. Energy stocks were the sole gainers, while New Zealand's benchmark also saw a dip.