Oil surges and geopolitical chaos hit Australia’s markets hard this week, as the ASX200 tumbled 43.3 points and the All Ordinaries fell 52.3 points — driven by oil prices rocketing past $100 a barrel amid escalating Middle East tensions and Black Sea shipping disruptions. The US slapped new 10% tariffs on Australian goods starting 2 PM AEST, citing labor concerns, while Australia’s modern slavery rates remain far lower than the US. Basic materials and gold miners took the brunt — BHP and Rio Tinto dipped, gold’s sub-index fell over 3%. But banks rallied, led by NAB, and Cochlear surged on US duty-free import news, while Monvia’s ASX launch added a bright spot.
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