ASX Slumps as Wall Street Retreats Amid Rising Oil Prices After Iran Strikes

The Australian Securities Exchange recorded a sharp decline in its closing index, mirroring a broader retreat on Wall Street. The fall followed a new wave of U. S. military strikes on Iran, which pushed oil prices higher and heightened concerns over persistent inflation. Market participants reacted to the increased commodity costs and the potential for tighter monetary policy, leading to a sell‑off across major indices. The ASX’s decline reflects the sensitivity of Australian equities to global oil price swings and the spill‑over effect of geopolitical events on domestic markets.