Iran situation wipes out Australian stock market gains since February

The Australian stock market fell by approximately 4% over five trading days following the US and Israel's attacks on Iran, with losses exceeding 130 billion Australian dollars (about 91 billion USD), erasing the 3.7% gain in the Australian stock market from February. According to a report by Australian News Network on the 8th, while stocks were being sold off, energy prices surged significantly. Investors are concerned that rising energy costs will spill over into other sectors of the economy, thereby pushing up inflation. Morningstar strategist Lachlan Holloway stated that the rise in oil prices is one of the most dramatic market reactions to macroeconomic news. The initial increase in London Brent crude oil futures prices after the attacks exceeded the market reactions seen during the early stages of the Ukraine crisis and the Iraq War, and was overall comparable to the early response during the Gulf War. (Xinhua News Agency)