{"id":528150,"date":"2026-03-09T05:08:21","date_gmt":"2026-03-09T05:08:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/528150\/"},"modified":"2026-03-09T05:08:21","modified_gmt":"2026-03-09T05:08:21","slug":"almost-120-billion-wiped-from-australian-share-market-as-oil-prices-rocket","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/528150\/","title":{"rendered":"Almost $120 billion wiped from Australian share market as oil prices rocket"},"content":{"rendered":"<p>About $130 billion has been wiped from the <a href=\"https:\/\/www.9news.com.au\/australia\" target=\"_blank\" rel=\"nofollow noopener\" title=\"Australian\">Australian<\/a> sharemarket today as surging oil prices and fears of a long war in Iran shocked traders around the world.<\/p>\n<p>The ASX200 index fell 2.9 per cent when it opened at 10am, and has continued to plummet throughout the day, dropping by 3.93 per cent, or 347.70 points, to 8503.30 as of 1.30pm AEDT.<\/p>\n<p>The massive plunge comes on the back of rising oil prices, which have gone up 20 per cent, rocketing to $US110 per barrel.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/03\/https:\/\/prod.static9.net.au\/fs\/056c8d9a-1811-4d47-9e89-3f3699aaffc6.jpeg\"   alt=\"AFR: Generics: ASX Ticker, Martin Place ASX, stock markets, stocks, Australian stock exchange, financial markets, company stocks, indices, stock ticker. Friday 23, January 2026 photo: Oscar Colman\"\/>The ASX plunged as the price of oil rose sharply. (Oscar Colman)<\/p>\n<p>At one stage today, the ASX had sunk by as much as 4.3 per cent, which would have put it on track for the steepest single-day drop since the early days of the COVID-19 pandemic in 2020, and worse than when US President Donald Trump rolled out his tariffs in April last year.<\/p>\n<p>However, some of those losses have since been pared back \ufeff<\/p>\n<p>The fall means the local sharemarket has fallen around seven per cent in the last seven days.<\/p>\n<p>9News finance editor Chris Kohler said the positive conditions before the US and Israel launched their attacks on Iran have made the fall far more stark.<\/p>\n<p>&#8220;The ASX200 was at a record high, and the price of oil had been trending lower for well over two years,&#8221; he said.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/03\/https:\/\/prod.static9.net.au\/fs\/ca89ccde-56e7-46a6-aca2-c0b5529968a2.jpeg\"   alt=\"Black oil pump jacks in the desert of Bahrain.\"\/>The conflict in Iran is having a significant impact on the supply of oil around the world. (Getty Images\/iStockphoto)<\/p>\n<p>He said how far the markets had to fall would depend on &#8220;how much pain&#8221; both sides of the conflict were willing to endure.<\/p>\n<p>&#8220;The concern that we&#8217;re seeing here on the market is that we see a full-blown energy shock, the likes we haven&#8217;t seen globally in a handful of decades,&#8221; he said. <\/p>\n<p>&#8220;Prices are now having to adjust in that instance.\u00a0<\/p>\n<p>&#8220;We&#8217;d see inflation rise, household costs rise, we&#8217;d see growth nationally and internationally slow.&#8221;<\/p>\n<p>Other markets around the world had a bigger shock than Australia, with Japan&#8217;s Nikkei plunging by seven per cent in early trade.<\/p>\n<p>NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"About $130 billion has been wiped from the Australian sharemarket today as surging oil prices and fears of&hellip;\n","protected":false},"author":2,"featured_media":528151,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,63,44],"class_list":["post-528150","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-au","tag-australia","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/528150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=528150"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/528150\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/528151"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=528150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=528150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=528150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}