ASX closes after $90bn wiped from sharemarket amid spike in oil prices over Middle East crisis

Benchmark S&P/ASX 200 closes down by 2.85%, marking the single biggest one-day drop since Donald Trump’s ‘liberation day’ tariffs announcement

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Australian shares plunged on Monday, wiping about $90bn from the value of the ASX, after a sharp rise in oil prices caused by the Middle East conflict sparked concerns of a breakout in global inflation.

The benchmark S&P/ASX 200 closed down 2.85% to fall below the 8,600 point mark, marking the single biggest one-day drop since the announcement of Donald Trump’s “liberation day” tariffs last year.