The S&P/ASX 200 fell 1% on Friday to close at 8,851, a one‑month low, and finished the week down 3.8%—its sharpest weekly decline since mid‑June 2022. The sell-off reflected a broad deterioration in global risk appetite amid the seventh day of the US–Israeli conflict with Iran.
Geopolitical tensions intensified after former US President Donald Trump said he should have a say in choosing Iran’s next leader. At the same time, reports of attacks on oil tankers in Gulf waters, together with Chinese moves to curb fuel exports, pushed oil prices higher. The rise in energy costs stoked fears of renewed inflationary pressure and a drag on global growth.
On the local market, miners led declines, dropping 4.3% as copper prices weakened in response to a stronger US dollar and uncertainty over smelter operations in the Middle East. This left the index on track for its worst week since September 2022. Gold miners also slumped as bullion prices retreated. Financials edged lower on the day and were down 3.3% for the week, marking their poorest weekly performance since mid‑November 2025. In contrast, energy stocks extended their recent rally.
