Oil Crisis Sparks Global Inflation Fears, ASX Plunges
Australian shares plunge as Middle East conflict causes spike in oil prices, fueling global inflation concerns and wiping $13bn off ASX value.
The Australian stock market saw a dramatic selloff on Monday, with the benchmark S&P/ASX 200 index plunging by 4% midway through the trading session. The plunge, which wiped out approximately $13 billion in market value, was driven by a sharp rise in global oil prices sparked by the ongoing conflict in the Middle East.
The disruption to oil supplies, which is the single biggest contributor to global inflation, has caused the prices of most goods and services to become more expensive, sparking widespread concerns about a potential breakout in global inflation. This is the single biggest one-day drop for the ASX since the announcement of former U.S. President Donald Trump's
Source: The Guardian
