ASX falls sharply after US strikes on Iran push oil prices higher

The Australian Securities Exchange opened lower after a new round of U. S. military strikes on Iran lifted oil prices, heightening concerns over persistent inflation. Shares in mining and banking sectors fell, contributing to the market's decline. The drop came immediately after the market opened, reflecting investors’ sensitivity to geopolitical risks and cost pressures. The rise in crude prices has already pressured commodity‑heavy stocks, while the inflation narrative has weighed on financials that rely on stable interest rates. The move underscores the link between global oil markets and Australian equities, and may prompt traders to reassess exposure to sectors vulnerable to price swings.