Staff writers
Updated March 19, 2026 — 5:24pm, first published March 19, 2026 — 5:06am
Investors on the Australian sharemarket lost more than $50 billion on Thursday as oil prices spiked yet again following attacks on some of the Middle East’s most important energy facilities. The latest escalation raised concerns of a more lasting economic fallout from the Iran war.
The S&P/ASX 200 fell 142.80 points, or 1.65 per cent, to 8497.90 – its lowest level since late November, following two days of modest gains. The Australian dollar was trading at US70.42¢.
With the geopolitical uncertainty and concerns about exploding energy costs weighing on the market, investors also digested the nation’s latest unemployment figures. The unemployment rate unexpectedly rose from 4.1 per cent to 4.3 per cent in February, the Australian Bureau of Statistics said this morning. Economists had expected it to keep steady.
Global markets are under pressure from increasing oil prices. Bloomberg Given the surge in oil prices, the labour market data has to be viewed as a baseline rather than a forward signal for the economy, warned CreditorWatch’s chief economist Ivan Colhoun. The figures pre-date “the sharp rise in oil prices recorded over the course of this month, which, if not reversed, will likely impact hiring plans, growth and business confidence in coming months,” he said.
Eight of th
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