Aussie shares tumble as oil spikes after tankers struck
Volatile energy markets continue to dictate the direction of stocks. -AAP Image
Australian shares have nosedived on reports Iran has attacked two oil tankers in Iraqi waters, snuffing de-escalation hopes and slingshotting crude prices skyward.
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The S&P/ASX200 tumbled 114.5 points on Thursday, down 1.31 per cent, to 8,629, wiping all but 30 points of previous two sessions' gains.
The broader All Ordinaries lost 125.4 points, or 1.4 per cent to 8,851.4, wiping about 42.6 billion from its combined $3.05 trillion market value.
Only the energy sector ended the session higher, as banks and miners sold off and interest rate-sensitive segments were hammered as a swathe of economists and analysts braced for a potential interest rate hike next week.
The Australian dollar is buying 71.24 US cents, down from 71.74 US cents on Wednesday at 5pm, as the greenback lifted on safe haven inflows.
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