Australian shares waver as oil surges on Iran conflict
By Adrian Black
Oil jumped to six-week highs after the latest Middle East tensions, boosting energy stocks. -AAP Image
Australia's share market has handed back its modest gains after oil prices surged on escalating conflict between the US and Iran, hitting risk sentiment.
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The S&P/ASX200 fell 5.4 points on Monday, down 0.06 per cent, to 8,791.3, as the broader All Ordinaries lost 4.1 points, or 0.05 per cent, to 8,974.7.
Energy stocks were a lonely success story, the sector up almost two per cent as crude prices soared to six-week highs, while the traditionally defensive consumer staples and communications segments edged roughly 0.5 per cent higher.
The Australian dollar is buying 69.91 US cents, up slightly from 69.86 US cents on Friday at 5pm.
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