Australian Shares Do the Worm After Oil Price Jumps, Wallets Cry
KEY POINTS
- •Australian shares plunged $130 billion mid-trading on Monday due to oil price spikes.
- •The benchmark ASX 200 fell 4%, slipping below the 8,500 point for the first time since 2025.
- •The selloff was triggered by Middle East conflict disruptions increasing global inflation fears.
On an unforgettable Monday, Australian shares took a nosedive wiping out a jaw-dropping $130 billion—yeah, that’s roughly the GDP of a medium country—when oil prices skyrocketed thanks to yet another Middle East conflict, because peace was so 20th century. The ASX 200 plunged 4%, limboing below the 8,500 mark, triggering the biggest one-day crash since last year's riveting 'liberation day' tariffs by Donald Trump, who apparently moonlights as Australia’s market mood spoiler. This selloff blamed disrupted oil supplies, the global inflation’s Beyoncé, strutting around making gas and groceries suddenly ask for pay raises. Investors probably wish they just bought Bitcoin or vintage Beanie Babies instead.
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(1 of 3)Oil prices spike, Australian stocks plummet $130 billion and investors collectively scream 'Why can’t this weekend last forever?'
The ASX just ghosted $130 billion faster than your last Tinder match vanished. Oil drama: 1, pocketbooks: 0.
If Australian investors had a spirit animal today, it’d be a headless kangaroo chasing after disappearing dollars.
Source: Theguardian | Published: 3/9/2026 | Author: Jonathan Barrett Business editor
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