Live: ASX likely to tumble, oil hits two-month high amid US-Iran strikes

live Markets live: ASX likely to tumble, oil hits two-month high as US-Iran strikes drive inflation fears The Australian share market is on track to fall quite sharply after the US military conducted fresh strikes against Iran, driving oil prices to a two-month high. This contributed to a global bond sell-off and significant losses on Wall Street amid inflation concerns. See how the trading day unfolds on our blog. Disclaimer: this blog is not intended as investment advice. Submit a comment or question Live updates Market snapshot - ASX futures: -0.9% to 8,934 points - ASX 200 (Tuesday close): -0.1% to 9,067 points - Australian dollar: -0.3% to 71.5 US cents - Wall Street: Dow Jones (-0.8%), S&P 500 (-0.7%), Nasdaq Composite (-1%) - Europe: FTSE (-0.3%), DAX (-1.1%), Stoxx 600 (-0.6%) - Spot gold: -2.7% to $US4,329/ounce - Oil (Brent futures): +5.2% to $US95.15/barrel - Iron ore (Singapore): flat at $US99.45/tonne - Bitcoin: -1.5% to $US77,410 Prices current at around 7:30am AEST New: Filters Choose what information you see below by using filters Key Event How Coles and NSW Police busted an Apple gift card tampering scam Earlier this week, we brought you an ABC investigation into gift cards being tampered with, then sold to unsuspecting consumers at Australia's largest supermarkets. It has left shoppers confused and stressed, raising questions about whether this is linked to a multi-billion-dollar criminal scam. Our reporters Emilia Terzon and Jasper Wells have a follow-up to that story. They reveal how Coles discovered it was being defrauded by a scammer — and how the Police tracked down and arrested him. It's a riveting read! Key Event ASX to open lower as renewed US-Iran fighting sparks inflation fears Good morning, and welcome to the ABC's finance blog! I'll be guiding you through the latest market action for the next few hours. It appears the Australian share market is on track to fall quite sharply when it opens in just over two hours. ASX futures, which are a rough indicator of how the market may open, have dropped 0.9%. So what's behind this pessimism? For starters, the latest escalation in US-Iran hostilities has driven oil prices to a two-month high, on fading hope that this war will end any time soon. Brent crude futures jumped 5.3% to $US95.26 per barrel. The price of this oil benchmark shot up by around $US4.70 in just a few hours! That, in turn, had led to renewed worries about surging inflation. And that led to a global bond sell-off, which pushed yields to multi-year highs. Essentially, investors have been selling off their holdings of government debt and are demanding a higher return. The US 10-year Treasury bond yield rose as high as 4.8% overnight, to its highest level since January 2025. And the flow-on effect was a stronger US dollar, especially given the odds of the Federal Reserve lifting America's interest rates at the end of September rose to 68%, so it's looking more likely than not! The stronger greenback led to the Australian dollar falling slightly to 70.5 US cents. Anyway, please grab a coffee, tea or whatever you normally have in the morning, and I'll have more updates for you shortly! [Image text:] 27 45 58 03 .81 -0.58 -0.29 -0.25 -0.09 -5.26% 4.94% -4.739 4.47 42