Australian shares hit low on oil surge
Australian shares dropped to a three-month low as surging oil prices reignited inflation concerns. Bond yields rose while major banking and mining stocks declined.
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Australia's S&P/ASX 200 index fell 1.2% to 8,658.10 during Thursday morning trading, hitting a three-month low. The decline follows a 4% surge in Brent Crude Oil prices driven by renewed tensions between Iran and the United States
