ASX falls sharply as oil price surges to four-year high | Finance Report | ABC NEWS

The Australian share market has wiped out all its gains since November 2025 as hopes for a quick resolution to the Middle East war fade.
Meanwhile, the price of Brent crude oil has surged above $US112 per barrel, its highest in four years, after a major escalation in Israel-Iran hostilities.
US Federal Reserve chairman Jerome Powell says he’ll remain on the Fed’s rate-setting board as a governor, even after his term ends in May. The decision is likely to impede Donald Trump’s campaign for lower interest rates, as finance presenter David Chau explains.
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