Oil Surge Crushes Aussie Markets | Australia News

Oil prices surged past $100 a barrel, triggering one of Australia’s worst trading days this year and sending the ASX 200 down 1.03%. Materials, tech, and financials took the biggest hits as inflation fears intensified and interest rate concerns loomed. Big names like BHP, Rio Tinto, and the big four banks all slid lower. The Aussie dollar dipped slightly after its recent rally. Amid the gloom, Eagers Automotive rose on a major acquisition deal, GrainCorp fell after reaffirming earnings, and Nvidia inked AI partnerships with Australian data centres — a reminder that even in a rough market, some stories still shine.

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