ASX dips, oil rises as conflict realities weigh heavily
Australian investors remain nervous about the next steps in the global oil crisis. -AAP Image
Resurgent oil prices have helped push Australia's share market lower for a third straight session as the US and Iran escalate their respective blockades of shipping routes.
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The S&P/ASX200 fell 50.2 points on Thursday, down 0.57 per cent, to 8,793.4 as the broader All Ordinaries dipped 50.2 points, or 0.55 per cent, to 9,024.2.
Energy was the only sector to end the session higher, soaring more than two per cent on the back of rising oil prices.
The heavyweight financials and raw materials sectors each dropped more than 0.9 per cent as investor confidence deteriorated.
The Australian dollar is buying 71.55 US cents, down from 71.73 US cents on Wednesday at 5pm, as fading risk sentiment bolstered safe-haven greenback demand.
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